EMGS Sells 3D EM Data for $10 Mln

Norway’s Electromagnetic Geoservices ASA (EMGS) has secured multi-client late sales worth approximately USD 10 million.

These sales stem from a combination of the company’s 3D EM data library in Brazil, the Norwegian Sea and the Barents Sea.

The revenues will be recognized in the first quarter of 2013.

EMGS 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 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.

[mappress]

Press Release, February 28, 2013