EMGS receives multi-client Letter of Intent
Monday 25 February 2019
Electromagnetic Geoservices ASA ("EMGS" or the "Company") is pleased to announce that the Company has today received a letter of intent with an approximate value of USD 8 million from an undisclosed customer.
Under the letter of intent, the customer will license certain data from the Company's existing EM multi-client library in Norway, and prefund a new multi-client acquisition in the North Sea. The letter of intent furthermore includes a settlement of future potential uplift obligations towards the Company for certain multi-client data licensed by the customer.
Subject to a final contract being entered into under the letter of intent, the Company expects to recognise approximately USD 7 million in the first quarter of 2019.