Electromagnetic Geoservices ASA (“EMGS” or the “Company”) is pleased to announce that the Company has secured an additional USD 1.2 million in prefunding for the upcoming Utsira High North Sea multi-client survey. The prefunding revenue is expected to be recognised in the fourth quarter of 2021.
Additionally, the Company has also secured USD 0.8 million in late sales related to the North Sea multi-client data library. The late sale revenue will be recognised in the second quarter of 2021.
CEO of EMGS, Bjørn Petter Lindhom, comments:
“These new multi-client contracts and the previously announced international late sale frame agreement, further demonstrates the benefit and value-add of EMGS’ data and services for our customers, and the value of our existing multi-client library.
Going forward, EMGS will continue to invest in new and financially robust multi-client projects like the Utsira High project.”
Anders Eimstad, EMGS 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 of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.