Electromagnetic Geoservices ASA (“EMGS” or the “Company”) is pleased to announce that the Company will realise various net uplifts and late sale revenues with a combined value of approximately USD 1 million related to the Barents Sea multi-client library.
The revenue will be recognised in the fourth quarter of 2020.
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.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.