Electromagnetic Geoservices ASA (EMGS) is pleased to announce that the Company has entered into a data licensing agreement with a major international oil company for the provision of 3D electromagnetic (EM) data from the multi-client data library over the Flemish Pass Basin offshore Newfoundland, Canada worth a total of USD 3.9 million.
The EM data will be delivered in May 2016 and thus the multi-client revenue will be recognised in the second quarter of 2016.
"We are very pleased with this agreement, which represents a breakthrough for the application of our technology in this region. The offshore basins of Newfoundland are largely underexplored and the use of 3D EM data will aid companies in developing a better understanding of the basin's complex geological structures and its hydrocarbon potential." says Christiaan Vermeijden, CEO of EMGS.
The multi-client data was acquired in 2014.
Contacts
Charlotte Knudsen, EMGS head of investor relations, +47 97 56 19 59
About EMGS
EMGS, the marine electromagnetic (EM) market leader, uses its proprietary EM technology to support oil and gas companies in their search for offshore hydrocarbons. EMGS supports each stage in the workflow, from survey design and data acquisition to processing and interpretation. The company's services enable the integration of EM data with seismic and other geophysical and geological information to give exploration experts a clearer and more complete understanding of the subsurface. This improves exploration probability of success.
EMGS operates on a worldwide basis with offices in Trondheim, Oslo, Houston, Villahermosa, Rio de Janeiro and Kuala Lumpur.
For more information, visit www.emgs.com