Electromagnetic Geoservices (EMGS) has received a letter of intent from an undisclosed customer with an approximate value of USD 8 million.
Under the letter of intent, the customer will license certain data from the EMGS’ existing EM multi-client library in Norway, and prefund a new multi-client acquisition in the North Sea.
Furthermore, the letter of intent includes a settlement of future potential uplift obligations towards the company for certain multi-client data licensed by the customer.
Subject to a final contract being entered into under the letter of intent, EMGS expects to recognize approximately USD 7 million in the first quarter of 2019.