Electromagnetic Geoservices ASA (EMGS) has entered into a data licensing agreement with Statoil ASA worth USD 10 million for the provision of 3D EM data from EMGS' multi-client data library in Norway. After adjustment for partner's share of the revenues, EMGS net revenue will amount to approximately USD 7 million.Of this, approximately USD 6 million will be booked in the fourth quarter 2014.
The package includes data of recent vintages and various basins. Through this agreement Statoil is significantly extending its current EM data library from EMGS.
EMGS' multi-client data library in the Barents Sea now covers 42,000 km2, in addition to approximately 10,000 km2 in the Norwegian Sea and 1,400 km2 in the North Sea.