Electromagnetic Geoservices to buy up to $4 million of convertibles

Chicago, July 8 – Electromagnetic Geoservices ASA published further details of its intention to start buying back some of its $32.5 million issue of convertible bonds due 2023, according to a press release on Thursday.

The company will purchase up to $4 million of the bonds.

The offer will start at 3 a.m. ET on July 9 and end at noon ET on July 16.

Settlement is expected for July 21.

The contact for the offer is Anders Eimstad, chief financial officer of the company.

The company said it is undertaking the buyback as a means of improving its balance sheet and strengthening its financial position, as previously reported.

The Trondheim, Norway-based marine electromagnetic company supports offshore oil and gas companies.

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