Electromagnetic Geoservices ASA (EMGS) has entered into a data licensing agreement with an international oil company worth USD 3.7 million, after adjustment for partner's share of the revenues, for the provision of 3D EM data from EMGS' multi-client data library in the Barents Sea. The multi-client revenues will be booked in the third quarter 2014.
EMGS' multi-client data library in the Barents Sea now covers 42,000 km2, in addition to approximately 10,000 km2 in the Norwegian Sea and 1,400 km2 in the North Sea.
Contacts
Svein Knudsen, EMGS chief financial officer, +47 911 41 149
Charlotte Knudsen, Head of investor relations, +47 97561959
About EMGS
EMGS, the marine EM market leader, uses its proprietary electromagnetic (EM) technology to support oil and gas companies in their search for offshore hydrocarbons. EMGS supports each stage in the workflow, from survey design and data acquisition to processing and interpretation. The company's services enable the integration of EM data with seismic and other geophysical and geological information to give explorationists a clearer and more complete understanding of the subsurface. This improves exploration efficiency and reduces risks and the finding costs per barrel.
EMGS operates on a worldwide basis with main offices in Trondheim and Oslo, Norway; Houston, USA; and Kuala Lumpur, Malaysia.
For more information, visit www.emgs.com