EMGS scores new data licensing deal, gets final verdict in tax claim in Brazil

The Norwegian offshore survey company EMGS has signed an $8 million multi-client contract with an undisclosed company. EMGS has also received a final verdict related to a Municipal Services Tax claim in Brazil.

Illustration; One of EMGS’ vessels; Source: EMGS

EMGS said on Monday that the customer would license certain data from EMGS’ existing EM multi-client library in Norway and settled future potential uplift obligations towards the company for certain multi-client data already licensed by the client.

According to the company, the contract also includes several user licenses to EMGS’ proprietary EMU and SBLwiz software and prepayment for consulting services.

The company expects that the full contract value will be recognized in the fourth quarter of 2019.

In a separate statement on Monday, EMGS stated that it was involved in litigation related to a municipal services tax claim in Brazil.

Namely, EMGS was involved in a tax dispute with the City of Rio de Janeiro. The case involved the applicability of ISS (a municipal service tax). The entire claim amount of 3 008 had been placed in a judicial deposit to avoid interest and penalties.

The company said on Monday that it had previously deposited the disputed amount into a judicial escrow account in Brazil.

The Brazilian courts issued a final verdict in EMGS’ favor, and the escrowed amount, including accrued interest, has been released to the company.

The release will, following payment of legal fees and certain tax costs related to the released amount, increase the company’s free cash position by $3.7 million.

At the same time, the non-current restricted cash position will be reduced to zero.

Offshore Energy Today Staff


Spotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email.

Also, if you’re interested in showcasing your company, product or technology on Offshore Energy Today, please contact us via our advertising form where you can also see our media kit.

Share this article

Follow Offshore Energy Today

Events>

<< Jan 2020 >>
MTWTFSS
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 31 1 2

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