Electromagnetic Geoservices ASA (EMGS) has entered into new data licensing agreements providing it with a net revenue of approximately USD 2 million.
USD 1.8 million of these revenues will be recognised in the fourth quarter of 2016, while the remaining USD 0.2 million is prefunding of planned multi-client data acquisition relevant for the 24th licensing round in the Barents Sea.
Christiaan Vermeijden, CEO of EMGS, said that he is pleased with the interest in 3D CSEM data from the Barents Sea and encourages customers to take advantage of the vessel being active in the area in the spring of 2017.
According to the company’s multi-client data library, EMGS in Norway covers 50,000 square kilometers of 3D full azimuth multi-client data in the Barents Sea.