Electromagnetic Geoservices ASA (EMGS) entered into a data licensing agreement with Statoil ASA worth US$10 million for the provision of 3D EM data from EMGS' multi-client data library in Norway.
After adjustment for partner's share of the revenues, EMGS net revenue will amount to approximately $7 million, in which approximately $6 million will be booked in 4Q 2014.
The package includes data of recent vintages and various basins. Through this agreement Statoil is significantly extending its current EM data library from EMGS.
EMGS' multi-client data library in the Barents Sea now covers 42,000sq km, in addition to approximately 10,000sq km in the Norwegian Sea and 1,400sq km in the North Sea.
Also this week, EMGS annoucned its $7million contract with PTTEP International in Thailand and Myanmar using the BOA Thalassa.
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