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Electromagnetic Geoservices ASA (“EMGS” or the “Company”) is pleased to announce that it has entered into a framework contract with an existing customer for licensing of multi-client data from the Company’s international multi-client library.
There are no minimum licensing commitments for the customer under the framework contract. However, based on the information currently available, EMGS believes that the contract will result in late sales during 2H 2021 with a total value between USD 2.5 and USD 3.0 million.
Anders Eimstad, Chief Financial Officer, +47 948 25 836
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 explorationists a clearer and more complete understanding of the subsurface. This improves exploration efficiency and reduces risks and the finding costs per barrel.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act