Electromagnetic Geoservices ASA (EMGS) has entered into data licensing agreements with two undisclosed companies for the provision of 3D EM data from the multi-client data library over the Barents Sea.
The agreements are worth a total of USD 4.1 million, the company informed in its Oslo Stock Exchange filing.
EMGS will receive USD 2.6 million net after adjustment for partner’s share of revenues.
EMGS uses its proprietary electromagnetic (EM) technology to support oil and gas companies in their search for offshore hydrocarbons.
In the Barents Sea EMGS has approximately 50,000 square killometers of 3D full azimuth multi-client data.