Electromagnetic Geoservices ASA (EMGS) has entered into a data licensing agreement with an oil company worth USD 7.1 million for the provision of 3D EM data from EMGS’ multi-client data library in the Barents Sea.
“This sale is yet another confirmation of the increased recognition of the importance of EMGS’ EM data in the Barents Sea,” says Roar Bekker, CEO of EMGS.
The data will be delivered in December 2014 and EMGS will therefore book the full USD 7.1 million as late sales in the fourth quarter 2014.
In addition, EMGS signed another data licensing deal worth USD 3.3 million for the provision of 3D EM data from EMGS’ multi-client data library in the Barents Sea. After adjustment for partner’s share of the revenues, EMGS net revenue will amount to approximately USD 1.7 million.
Furthermore, EMGS has also entered into some smaller agreements, worth a total of USD 2.4 million, whereas EMGS’ net revenue will amount to USD 1.8 million.
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.