Electromagnetic Geoservices commits to repurchase 40,000 convertibles

Chicago, July 19 – Electromagnetic Geoservices ASA committed to repurchase 40,000 of its convertible bonds due 2023, or $4 million, in furtherance of its announcement from July 8 that the company was going to start buying back some of its $32.5 million of convertible bonds due 2023, according to a notice.

Accordingly, the company worked with primary insiders who have participated in and sold bonds back to the company at 75% of par.

Siem Investment Sarl sold 15,697 of its bonds. RWC European Focus Master Inc. sold 8,108 of its bonds. And, Perestroika AS sold 15,697 of the bonds.

Settlement was expected for July 21.

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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