Multi-client revenues related to the APA 2017 awards
On 16 January 2018, the Norwegian Ministry of Petroleum and Energy (the "MPE") announced the awards of new production licenses through the Awards in Pre-defined Areas (APA 2017) licensing round.
EMGS – Vessel update and activity for the fourth quarter 2017
Electromagnetic Geoservices ASA (the "Company" or "EMGS") releases information on vessel activity and utilisation 4-5 working days after the close of each quarter. The Company defines vessel utilisation as the percentage of the vessel charter period spent on proprietary or multi-client data acquisition. Downtime (technical or maritime), mobilisation, steaming, and some standby activities are not included in the utilisation rate.
EMGS reports multi-client late sales and revenues related to existing multi-client licenses
Electromagnetic Geoservices ASA (the "Company" or "EMGS") has entered into an agreement with one of its clients related to the client's licenses to CSEM data from EMGS' multi-client library in Norway. The agreement covers the client's merger with another entity and the merger fees payable as a result of this, as well as an upfront settlement of all uplifts which would otherwise be payable to EMGS from that client as a result of license awards in APA17 and the 24th licensing round in Norway.