EMGS Becomes Substantial Shareholder in North Energy

With reference to the announcement of the strategic agreement between North Energy ASA and Electromagnetic Geoservices ASA (EMGS) on 21 January 2014, EMGS has now settled the NOK 75 million convertible bond loan to North Energy.

EMGS has converted NOK 28.4 million of the loan into 6,851,463 shares in North Energy, at a strike price of NOK 4.1451. In addition, the Company, receives interest of NOK 0.9 million.

After the transaction, EMGS holds 11,850,000 shares in North Energy, representing 9.96% of all outstanding shares.

“North Energy has established its strategy on the use of EM technology as an integrated part of the company’s exploration workflow. We are excited to become a substantial shareholder, as well as exploring mutually beneficial opportunities with North Energy going forward,” says CEO of EMGS, Roar Bekker.

The remaining of the convertible bond loan, NOK 46.6 million plus interest of NOK 1.5 million will be settled in cash on the settlement date 2 September 2014.

Press Release, August 20, 2014

 

Share this article

Follow Subsea World News

Events>

<< Nov 2018 >>
MTWTFSS
29 30 31 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 1 2

Subsea Tieback Forum & Exhibition

The content addresses new operational issues, challenges, and solutions associated with global deepwater subsea operations…

read more >

OSEA2018 International Conference

The OSEA International Conference is regarded as one of the preferred knowledge exchange platforms in the region and with over 18,000…

read more >

10th Asia Pacific Congress on Oil and Gas

Oil and Gas 2018 provides a platform for researcher scholars, scientists and academic people to share and globalize their…

read more >

ACENS 2019

Submission shall pass the double blind paper review first in order to be presented in the conference…

read more >