EMGS sells more multi-client data

  • Business & Finance

Norwegian geophysical services company Electromagnetic Geoservices (EMGS) has entered into a new multi-client data sales agreement.

Although the company did not disclose the client, EMGS did say on Friday that the deal would provide the company with a net revenue of $2 million.

Furthermore, EMGS added that $1.8 million of the revenues would be recognized in the fourth quarter of 2016, while the remaining $0.2 million is considered as pre-funding of planned multi-client data acquisition relevant for the 24th licensing round in the Barents Sea.

The announcement of the 24th licensing round is expected before summer 2017. In the Barents Sea, there will be extensive exploration activity over the next few years in licenses already awarded. The Norwegian government invited oil companies to nominate blocks for the round back in August.

Christiaan Vermeijden, CEO of EMGS, said he was pleased to see interest in 3D CSEM data from the Barents Sea and encouraged customers to take advantage of the vessel being active in the area in the spring of 2017.

The company did not specify which vessel would be in the region until next spring, but it is likely that the Atlantic Guardian, one of the two active vessels this year, is the one in question since it has been doing surveys in the Barents Sea offshore Norway in the third quarter and is currently in Hammerfest.

The other EMGS vessel that was active this year is the Boa Thalassa, currently stationed in Labuan, Malaysia.

To remind, EMGS has already sold sets of 3D CSEM data from the Barents Sea in the past few months, most recently in September and October.

Offshore Energy Today Staff

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