EMGS Sells Data Off Norway

Norwegian geophysical services company EMGS said it has entered into various agreements with undisclosed oil companies involving data licensing (prefunding and late sales) related to 3D EM data in the Norwegian Sea and Barents Sea in Norway.

The agreements represent revenues of USD 2.4 million. In May this year the company also secured deals which generated approximately USD 3.5 million in revenues.

To remind, the Oslo-listed company generated revenues of $3.9 million in the first quarter 2017, down from $13 million in the corresponding period in 2016 and from $12 million sequentially.

According to the company’s multi-client data library, EMGS in Norway covers nearly 50,000 square kilometers of 3D full azimuth multi-client data in the Barents Sea.

EMGS’ multi-client data in the Norwegian Sea covers the Ormen Lange area, the Nordland Ridge and basalt provinces in the Vøring and Møre Basins.

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