Electromagnetic Geoservices ASA (EMGS) has signed a data licensing agreement worth USD 6.4 million for the provision of 3D controlled-source electromagnetic (CSEM) and magnetotelluric (MT) data from EMGS's multi-client data library in the Norwegian Sea. These revenues will be recognized in the second quarter of 2013. Following this transaction, EMGS has in total secured close to USD 15 million of multi-client sales from the basalt mapping program in the West of Shetland area and Production Licenses 598 and 527 in the Norwegian Sea.
In addition, EMGS has secured initial pre-funding for the first phase of its 2013 Barents Sea multi-client survey program which covers approximately 3000 km2 of 3D EM data over the western Bjarmeland platform and Fingerdjupet sub-basin. EMGS's 3D EM multi-client data library in the Barents Sea will upon completion of this survey cover approximately 27,000 km2. The company expects that the vessel Atlantic Guardian will complete phase one of the 2013 Barents Sea multi-client survey program by the end of June.