EMGS Strikes Canada Data Deal

Business & Finance

Oslo-listed Electromagnetic Geoservices (EMGS) has entered into a data licensing agreement with an undisclosed international oil company for the provision of 3D electromagnetic (EM) data from the multi-client data library over the Flemish Pass Basin offshore Newfoundland, Canada.

According to Norwegian geophysical services company, the deal is worth a total of USD 3.9 million.

The EM data will be delivered in May 2016 and thus the multi-client revenue will be recognised in the second quarter of 2016, the company said.

“We are very pleased with this agreement, which represents a breakthrough for the application of our technology in this region. The offshore basins of Newfoundland are largely underexplored and the use of 3D EM data will aid companies in developing a better understanding of the basin’s complex geological structures and its hydrocarbon potential.” says Christiaan Vermeijden, CEO of EMGS.

The multi-client data was acquired in 2014, EMGS added.