Electromagnetic Geoservices ASA ("EMGS" or the "Company") is pleased to announce that the Company has today received a letter of intent with an approximate value of USD 8 million from an undisclosed customer.
Under the letter of intent, the customer will license certain data from the Company's existing EM multi-client library in Norway, and prefund a new multi-client acquisition in the North Sea. The letter of intent furthermore includes a settlement of future potential uplift obligations towards the Company for certain multi-client data licensed by the customer.
Subject to a final contract being entered into under the letter of intent, the Company expects to recognise approximately USD 7 million in the first quarter of 2019.
Contact
Hege Veiseth, CFO, +47 992 16 743
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, Mexico City, Rio de Janeiro and Kuala Lumpur.
For more information, visit www.emgs.com
Under the letter of intent, the customer will license certain data from the Company's existing EM multi-client library in Norway, and prefund a new multi-client acquisition in the North Sea. The letter of intent furthermore includes a settlement of future potential uplift obligations towards the Company for certain multi-client data licensed by the customer.
Subject to a final contract being entered into under the letter of intent, the Company expects to recognise approximately USD 7 million in the first quarter of 2019.
Contact
Hege Veiseth, CFO, +47 992 16 743
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, Mexico City, Rio de Janeiro and Kuala Lumpur.
For more information, visit www.emgs.com
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.