Norwegian geophysical services company Electromagnetic Geoservices (EMGS) has announced that it has signed a USD 8 million multi-client contract with an undisclosed customer.
Under the contract, the customer will license certain data from the EMGS's existing EM multi-client library in Norway and settle future potential uplift obligations towards the company for certain multi-client data already licensed by the customer, said the marine electromagnetic technology firm that supports oil and gas companies in their search for offshore hydrocarbons.
The contract furthermore includes a number of user licenses to the EMGS’s proprietary EMU and SBLwiz software, and prepayment for consulting services.
The offshore survey company expects that the full contract value will be recognized in the fourth quarter of 2019.