EMGS picks up data licensing deal from Equinor

Norwegian geophysical services company Electromagnetic Geoservices (EMGS) has received a contract for data licensing from compatriot oil major Equinor following a previously awarded letter of intent.

One of EMGS vessels; Source: EMGS

Namely, EMGS received a letter of intent on February 22 for data licensing from, at the time, an undisclosed customer.

EMGS said on Monday that approximate value of the final awarded contract by Equinor was $8 million.

The final contracts are in accordance with the terms of the letter of intent and includes both licensing of Barents Sea, Norwegian Sea, and North Sea data from the company’s existing multi-client library, as well as prefunding for a new multi-client acquisition in the North Sea.

The company added that it expected to recognize around $7 million of revenue in the first quarter of 2019.

“With these contracts, the company’s liquidity situation is materially improved. The company is continuing its efforts to secure other material late sales opportunities,” EMGS stated.

CEO of EMGS Bjørn Petter Lindhom said: “EMGS is very proud of the confidence vote these multi-client contracts represents and exited that Equinor chooses to license data from the North Sea and the Norwegian Sea as well as committing to prefunding a new multi-client survey in the North Sea.”

Share this article

Follow Offshore Energy Today

Events>

<< Nov 2019 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply