EMGS in Barents Sea data deal
- Business & Finance
Norway’s Electromagnetic Geoservices ASA (EMGS) has entered into a data licensing agreement for the provision of 3D CSEM data from the multi-client data library in the Barents Sea.
The agreement, with an undisclosed client, will provide net revenue of $1 million to EMGS, the company said on Thursday. The revenue will be recognized in the fourth quarter of 2016.
To remind, the company on Wednesday said it would reduce its cost base “in line with a reduced level of activity.” The company said this would lead to layoffs.
EMGS said it would seek a global reduction in employee expenses of approximately 20% by using both temporary and permanent layoffs amongst others. The cost reduction measure should yield effects gradually as headcount reductions onshore and offshore are scheduled to follow a different timeline, EMGS said without providing details.
Offshore Energy Today Staff