EMGS reports multi-client sales from its Barents Sea library

TRONDHEIM, Norway Electromagnetic Geoservices ASA (EMGS) has entered into a data licensing agreement with a new customer for the provision of 3D EM data from the multi-client data library over the Barents Sea.

The company said the agreement was worth a total of $2.8 million, whereas EMGS will receive $1.6 million net after adjustment for partner's share of revenues.

EMGS recently released its 3Q vessel update and activity. In it, it said it expected to record a total of about $7 million in multi-client revenues for 3Q 2015. This is a combination of pre-funding and late sales, and net of the contribution to partners.

Additionally, in regards to EMGS’ previously announced cost reduction measures, it will book restructuring charges of $1.3 million and $1.5 million in 3Q and 4Q, respectively. A provision for onerous contracts (loss on charter agreements) of $4.4 million will also be booked in the third quarter, related to expected idle time on the EM Leader and the Atlantic Guardian in a given time period.

The EM Leader has been off-hire since May 15, and Atlantic Guardian has been laid-up in Bergen from Oct. 3 through the beginning of December after surveys completed in the Barents and Norwegian seas.



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