EMGS Secures 3D EM Multi-Client Contract in Eastern GOM
Electromagnetic Geoservices ASA (EMGS) has signed a multi-client data-licensing contract with a major international exploration and
production operator for Clearplay 3D electromagnetic (EM) data from the eastern Gulf of Mexico. The transaction is worth approximately
US $5.8 million, and it is expected that the majority of revenues will be recognized in the second quarter of 2009.
Carl Hutchins, EMGS president multi-client group, commented, "The Gulf of Mexico is one of the most substantial exploration areas in the world, yet the eastern part of this region remains significantly underexplored. Our Clearplay 3D EM technology addresses some of the complex technical challenges to reduce exploration risks and accelerate development in this exciting frontier region.
"We believe that the market potential for EMGS in this region is promising, as we see growing interest in our multi-client 3D EM data."
- EMGS Secures Contract Extension With Malaysian Oil Company (Nov 17)
- EMGS Confirms Further Staff Cuts (Oct 17)
- EMGS Confirms Staff Cuts (Apr 14)