EMGS in prefunding agreement for Barents Sea survey

Norway’s Electromagnetic Geoservices (EMGS) has entered into a prefunding and late sales agreement related to 3D CSEM data surveys in the Barents Sea in Norway.

The company said on Friday that the agreement represents revenues of approximately $2.5 million and the data will be acquired during the second half of 2017.

Earlier this month, EMGS entered into prefunding agreements worth $3 million related to 3D CSEM data surveys in the Barents Sea and Norwegian Sea using conventional technology and the new Deep Blue source.

Only several days before EMGS’ Barents and Norwegian 3D CSEM deal, the company entered into various agreements with oil companies involving 3D EM data licensing worth $2.4 million.

Earlier in the year, namely March and May, EMGS won agreements with oil companies involving data licensing amounting to $9.2 million.

Offshore Energy Today Staff