EMGS in 3D EM Barents Sea data sale, CFO leaving
Norway’s Electromagnetic Geoservices ASA (EMGS) has entered into a data licensing agreement with a new client for the provision of 3D EM data.
The deal is for the data from the multi-client data library over the Barents Sea, and is worth $2.8 million.
In a press release on Wednesday, EMGS said it would receive $1.6 million net after adjustment for partner’s share of revenues.
EMGS did not disclose the name of the company it has entered into agreements with.
In a separate statement on Wednesday, EMGS announced that Svein Knudsen, the company’s Chief Financial Officer (CFO), has tendered his resignation.
Knudsen has held the position as CFO of EMGS since January 2005.
Prior to joining EMGS in January 2005, Knudsen served as vice president of finance and treasury with Norway-headquartered Petroleum Geo-Services ASA (PGS) from March 1994.
Stig Eide Sivertsen, CEO of EMGS said: “Svein and I go way back, and he has been an instrumental part of the EMGS history since 2005. I regret that he has chosen to pursue other endeavors outside EMGS.”