Norwegian offshore data acquisition firm Electromagnetic Geoservices (EMGS) has sold a license agreement to a new customer for 3D electromagnetic data on the Barents Sea from its multi-client data library.
The contract is worth a total of $2.8m, with EMGS to receive net revenue of $1.6m after adjustment for its partner’s share of revenues.
Earlier today, EMGS announced that Svein Knudsen, the CFO of the company, had resigned. Svein had been in the position more than ten years. Recently, the company said it would be selling one of its three owned vessels and will lose more of its staff to cut costs, in response to challenging market conditions.