On 18 June 2018, the Norwegian Ministry of Petroleum and Energy (the "MPE") announced the awards of new production licenses in the 24th licensing round on the Norwegian continental shelf.
Based on the offered awards, Electromagnetic Geoservices ASA (the "Company" or "EMGS"), expects to realise net uplift revenues of approximately USD 6.7 million from data-licensing agreements related to the Company's multi-client library.
The uplift revenues, which are subject to the Company's customers formal approval of the awards offered by the MPE, will be recognised in the second quarter of 2018.
"We are very pleased with the results of the 24th licensing round. A considerable number of the awarded licenses have CSEM as a work commitment which underscores the value and mature position of CSEM in the exploration workflow." says Christiaan Vermeijden, CEO of EMGS.
Hege Veiseth, EMGS Chief Financial Officer, +47 992 16 743