EMGS : 22ND licensing round awards generate multi-client revenues for EMGS
The Ministry of Petroleum and Energy today announced the award of new licenses
in the 22nd Licensing Round on the Norwegian Continental Shelf. Based on these
awards, EMGS expects to realize uplift revenues of approximately USD 9 million
from data-licensing agreements related to the company's multi-client library
in the Barents Sea. The uplift revenues are subject to EMGS customers' formal
approval of the awards offered by the Ministry of Petroleum and Energy.
"We are very pleased with the results of the 22nd licensing round and see
significant late-sales potential owing to our extensive and well-positioned
data library in the Barents Sea," said Roar Bekker, CEO of EMGS.
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 700 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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