Electromagnetic Geoservices (EMGS), a Norwegian geophysical services company, has entered into a data licensing agreement for the provision of 3D CSEM data from the multi-client data library in the Barents Sea.
Although the company did not disclose the other party in the deal, EMGS did say on Wednesday that the deal will provide the company with a net revenue of $2.1 million.
The company added that the revenue from the sale will be recognized in the third quarter of 2016.
Christiaan Vermeijden, CEO of EMGS, said that the buyer, which he described as an ‘oil company,’ purchased the 3D CSEM (Controlled-source electromagnetic) data to evaluate the exploration for hydrocarbons in the Barents Sea.
The geophysical services company in August reported a smaller loss for the second quarter of 2016 compared to the same period last year as revenues increased.
Also in August, EMGS entered into a data licensing agreement with a repeat customer for 3D EM data to be acquired over the Hoop area in the Barents Sea.