Reference is made to the stock exchange notification published by Electromagnetic Geoservices ASA (“EMGS” or the “Company”) on 25 June 2021 wherein the Company announced that it had entered into a framework contract with an existing customer for licensing of multi-client data from the Company’s international multi-client library.
EMGS is pleased to announce that the customer has now confirmed that they will license data under the framework contact worth approximately USD 2.5 million, which will be recognized as revenue in the 3rd quarter.
Anders Eimstad, EMGS Chief Financial Officer, +47 948 25 836
EMGS, the marine EM market leader, uses its proprietary electromagnetic (EM) technology to support oil and gas companies in their search for offshore hydrocarbons. EMGS supports each stage in the workflow, from survey design and data acquisition to processing and interpretation. The Company’s services enable the integration of EM data with seismic and other geophysical and geological information to give explorationists a clearer and more complete understanding of the subsurface. This improves exploration efficiency and reduces risks and the finding costs per barrel. CSEM technology can also be used to detect the presence of marine mineral deposits (primarily Seabed Massive Sulphides) and EMGS believes that the technology can also be used to estimate the mineral content of such deposits. The Company is undertaking early-stage initiatives to position itself in this future market.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.