EMGS : EMGS signs multi-client contract worth USD 6.4 million
Electromagnetic Geoservices ASA (EMGS) has signed a data licensing agreement
worth USD 6.4 million for the provision of 3D controlled-source
electromagnetic (CSEM) and magnetotelluric (MT) data from EMGS's multi-client
data library in the Norwegian Sea. These revenues will be recognised in the
second quarter of 2013. Following this transaction, EMGS has in total secured
close to USD 15 million of multi-client sales from the basalt mapping
programme in the West of Shetland area and Production Licenses 598 and 527 in
the Norwegian Sea.
In addition, EMGS has secured initial pre-funding for the first phase of its
2013 Barents Sea multi-client survey programme which covers approximately
3000km2 of 3D EM data over the western Bjarmeland platform and Fingerdjupet
sub-basin. EMGS's 3D EM multi-client data library in the Barents Sea will upon
completion of this survey cover approximately 27,000 km2. The company expects
that the vessel Atlantic Guardian will complete phase one of the 2013 Barents
Sea multi-client survey programme by the end of June.
Roar Bekker, EMGS chief executive officer, +47 22 01 14 00
Svein Knudsen, EMGS chief financial officer, +47 22 01 14 00
Chris Guldberg, EMGS Head of PR/IR, +47 73 56 88 10 / +47 92 81 07 07
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 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 has conducted more than 650 surveys to improve drilling success rates
across the world's mature and frontier offshore basins. The company operates
on a worldwide basis with main offices in Trondheim and Oslo, Norway; Houston,
USA; and Kuala Lumpur, Malaysia. Please visit www.emgs.com for more
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by Thomson Reuters on behalf of Thomson
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(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
information contained therein.
Source: EMGS via Thomson Reuters ONE
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