EMGS sells Barents Sea 3D

Electromagnetic Geoservices ASA (EMGS) has entered into a data licensing agreement with an oil company worth $7.1 million for the provision of 3D EM data from EMGS’ multi-client data library in the Barents Sea.

However, EMGS did not reveal the name of the client.

“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 $7.1 million as late sales in the fourth quarter 2014.

In addition, EMGS signed a data licensing agreement with one other undisclosed international oil company worth $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 $1.7 million.

Furthermore, EMGS also entered into some smaller agreements, worth a total of $2.4 million, whereas EMGS’ net revenue will amount to $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.

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