Electromagnetic Geoservices ASA (EMGS) announces that the 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 providing net revenue of USD 2.1 million to EMGS. The revenue will be recognized in the third quarter of 2016.
EMGS is pleased with the oil company's purchase of the 3D CSEM data to evaluate the exploration for hydrocarbons in the Barents Sea, says Christiaan Vermeijden, CEO.
Contact
Hege Veiseth, CFO, +47 99 21 67 43
About EMGS
EMGS, the marine EM market leader, uses its proprietary electromagnetic (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 explorationists a clearer and more complete understanding of the subsurface. This improves exploration efficiency and reduces risks and the finding costs per barrel.
EMGS operates on a worldwide basis with offices in Trondheim, Oslo, Houston, Villahermosa, Rio de Janeiro and Kuala Lumpur.
EMGS reports sale from its multi-client library in the Barents Sea, Norway
| Source: EMGS
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