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EMGS licenses Barents Sea data to oil exploration company

Electromagnetic Geoservices (EMGS) has signed a data licensing agreement to provide an unnamed oil company with 3D CSEM data for the Barents Sea from its multi-client data library.

The license will generate net revenue of $2.1m for EMGS during the third quarter this year.

“EMGS is pleased with the oil company’s purchase of the 3D CSEM data to evaluate the exploration for hydrocarbons in the Barents Sea,” Christiaan Vermeijden, EMGS’s CEO, said in a filing.

The license is the first big deal EMGS has signed since December, when it agreed to provide an unnamed international oil company with electromagnetic (EM) data at a project in the US Gulf of Mexico.

EMGS said in April it would slash its global headcount by about 15% in order to cut costs by up to $10m a year.

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Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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