Carbon Transition inks new Utsira multi-client deal as market ‘significantly’ improves

Norwegian Carbon Transition has entered into a new multi-client seismic data licencing contract with an undisclosed customer.

Under the $1.4 million contract, the customer will license certain data from Carbon Transition’s Utsira multi-client survey in Norway.

The deal follows the recent Utsira multi-client license sale worth $5.5 million, totalling $6.9 million in multi-client sales for the company since the fourth quarter of 2021.

The Utsira OBN multi-client library is located to the west of the Utsira High in the Norwegian North Sea and covers an area of approximately 2,000 square kilometres of highly prospective acreage with high definition 3D seismic OBN data.

The survey was acquired during 2018 and 2019 with support from AkerBP, Equinor and TGS.

“As evident through these recently announced multi-client sales to several parties, the market for our multi-client library has significantly improved over the last few months and we expect significant cash flow from multi-client sales going forward”, Carbon Transition said.

Additionally, in relation to the latest sale, the company will repay its outstanding $0.9 million loan balance, thus becoming debt-free and increasing cash balances by approximately $0.5 million.

For Carbon Transition, this is a ‘significant milestone’ after its financial restructuring in 2021.

Recently, the Norwegian company entered into an agreement with compatriot survey services provider Magseis Fairfield for the sale of its proprietary node-on-a-rope business.

The sale did not include the multiclient business and the company retained the full upside of the Utsira and the Gulf of Suez multiclient surveys.

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