Electromagnetic Geoservices ASA ("EMGS" or the "Company") has entered into multi-client licensing agreements related to its multi-client library in Norway. These agreements represent combined revenues of approximately USD 4 million, whereof the majority of the revenue is related to late sales from the Company's existing multi-client library.
The Company expects to recognise these revenues in the fourth quarter of 2018.
Hege Veiseth, CFO, +47 992 16 743
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, Mexico City, Rio de Janeiro and Kuala Lumpur.
For more information, visit www.emgs.com