EMGS Expects Revenues from NCS 23rd Licensing Round

EMGS Multi-Client data in the Barents Sea

Electromagnetic Geoservices ASA (EMGS) expects to generate revenue from its multi-client library in Barents Sea following the Ministry of Petroleum and Energy’s offer of ten new production licenses in the 23rd licensing round on the Norwegian continental shelf.

The Ministry of Petroleum and Energy offered ten new production licenses in the Barents Sea to a total of thirteen companies, with three licenses situated in the new area in the southeastern Barents Sea.

Based on the awards, EMGS expects to realize uplift revenues, net after adjustment for partner’s share of revenues, of approximately USD 9.5 million from data-licensing agreements related to its multi-client library in the Barents Sea, the company explained in a press statement.

The uplift revenues are subject to EMGS customers’ formal approval of the awards offered by the Ministry of Petroleum and Energy.

“We are very pleased with the results of the 23rd licensing round and, in addition to the uplift revenues, we see significant late sales potential owing to our extensive and well-positioned data library in the Barents Sea,” said Christiaan Vermeijden, CEO of EMGS.

Share this article

Follow Subsea World News

Events>

<< Nov 2017 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 1 2 3

Underwater Intervention 2018

UI 2018 will draw the industry’s leaders from across the country and around the globe to gather for 3 days of networking…

read more >

OFFSHORE DECOMMISSIONING CONFERENCE 2017

The conference will build upon previous sell-out events and will encompass numerous keynote sessions all focused on the latest decommissioning…

read more >

Subsea Connect Americas

Subsea Connect Americas is the annual gathering for the submarine communications industry operating in North, South & Central America…

read more >

Future Energy Asia Exhibition & Conference (FEA) 2018

The transformation and development of Thailand is a major priority for the government which creates incredible business opportunities…

read more >