Electromagnetic Geoservices ASA (EMGS) has entered into a $8 million data licensing agreement with an international oil company for the provision of 3D EM data from EMGS’ multi-client data library in the Barents Sea.
“This sale confirms the increased recognition of the value of EMGS’ EM technology as an important exploration tool. The addition of a new supermajor to our expanding customer base proves the breakthrough our technology has had in Norway this year,” says Roar Bekker, CEO of EMGS.
Of the total sale, data worth $4.8 million will be delivered in Q4 2014, of which EMGS will book $4.5 million in the quarter after partner’s share of the revenues. Data for the remaining $3.2 million of the agreement will be booked in 1H 2015.
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.