Fugro announced today that it has sold its financial investment (27,777,778 shares representing up to 14%) in Electromagnetic Geoservices ASA (EMGS) in Norway for a total value of approximately NOK 444.4 million (EUR 60 million).

Fugro obtained the shares in April 2011 as result of the conversion of a convertible loan that Fugro provided to EMGS in April 2009.

EMGS was established to provide commercial services in what has become widely known as controlled source electromagnetics (CSEM). Since then, they have conducted over 600 surveys. The company remains the undisputed market leader, trains the world’s leading marine CSEM experts and ceaselessly refines the technology and systems used to acquire, process, integrate, visualise and interpret high-quality marine CSEM data.

Subsea World News Staff , September 13, 2012