Electromagnetic Geoservices ASA (the "Company" or "EMGS") is pleased to announce
that the Company has signed a USD 8 million multi-client contract with an
undisclosed customer.
Under the contract, the customer will license certain data from the Company's
existing EM multi-client library in Norway and settle future potential uplift
obligations towards the Company for certain multi-client data already licensed
by the customer. The contract furthermore includes a number of user licenses to
the Company's proprietary EMU and SBLwiz software, and prepayment for consulting
services.
The Company expects that the full contract value will be recognized in the
fourth quarter of 2019.
Contact
Hege Veiseth, EMGS Chief Financial Officer, +47 992 16 743
About EMGS
EMGS, the marine EM market leader, 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
the integration of EM data with seismic and other geophysical and geological
information to give exploration experts a clearer and more complete
understanding of the subsurface. This improves exploration efficiency and
reduces risks and the finding costs per barrel.
EMGS operates on a worldwide basis with offices in Trondheim, Oslo, Houston,
Mexico City, Rio de Janeiro and Kuala Lumpur.
For more information, visit www.emgs.com (http://www.emgs.com)
This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act