EMGS receives multi-client LOI

Electromagnetic Geoservices ASA has received a letter of intent with an approximate value of $8 million from an undisclosed customer.

Offshore staff

TRONDHEIM, NorwayElectromagnetic Geoservices ASA (EMGS) has received a letter of intent with an approximate value of $8 million from an undisclosed customer.

Under the letter of intent, the customer will license certain data from the company’s existing EM multi-client library in Norway and prefund a new multi-client acquisition in the North Sea.

The letter of intent also includes a settlement of future potential uplift obligations toward the company for certain multi-client data licensed by the customer.

Subject to a final contract being entered into under the letter of intent, the company expects to recognize about $7 million in 1Q 2019.

02/26/2019

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