PGS acquires MTEM Ltd.

Petroleum Geo-Services ASA will acquire MTEM Ltd. for $275 million. MTEM (multi-transient electro-magnetic) has a cable-based electromagnetic technology.

Offshore staff

OSLO, Norway --Petroleum Geo-Services ASA will acquire MTEM Ltd. for $275 million. MTEM (multi-transient electro-magnetic) has a cable-based electromagnetic technology.

Because it is cable-based, the MTEM technology allows real-time data acquisition.

PGS says the technology "is highly complementary to PGS' own development of towed EM, the technologies together positioning PGS to address the emerging EM market."

"Through the acquisition of MTEM, PGS is accelerating its entry into the high growth EM market," says Sverre Strandenes, PGS Group president of Data Processing and Technology. "Being the only player to offer a complete EM acquisition and processing technique both offshore and onshore, we believe the company to be a perfect fit within PGS."

06/27/2007

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