Electromagnetic Geoservices ASA (the "Company" or "EMGS") is pleased to announce that the Company has signed a USD 8 million multi-client contract with an undisclosed customer.
Under the contract, the customer will license certain data from the Company's existing EM multi-client library in Norway and settle future potential uplift obligations towards the Company for certain multi-client data already licensed by the customer. The contract furthermore includes a number of user licenses to the Company’s proprietary EMU and SBLwiz software, and prepayment for consulting services.
The Company expects that the full contract value will be recognized in the fourth quarter of 2019.
Contact
Hege Veiseth, EMGS Chief Financial Officer, +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 exploration experts 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 the Norwegian Securities Trading Act