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.
Furthermore, EMGS has entered into a data licensing agreement related to its existing CSEM multi-client library in the Americas.
The two agreements mentioned above represent combined net revenues to EMGS of approximately USD 5.9 million.
Hege Veiseth, CFO, +47 992 16 743