Electromagnetic Geoservices ('EMGS') has secured an additional USD 1.2 million in prefunding for the upcoming Utsira High North Sea multi-client survey. The prefunding revenue is expected to be recognised in the fourth quarter of 2021.
Additionally, the Company has also secured USD 0.8 million in late sales related to the North Sea multi-client data library. The late sale revenue will be recognised in the second quarter of 2021.
CEO of EMGS, Bjørn Petter Lindhom, comments:
'These new multi-client contracts and the previously announced international late sale frame agreement, further demonstrates the benefit and value-add of EMGS' data and services for our customers, and the value of our existing multi- client library. Going forward, EMGS will continue to invest in new and financially robust multi- client projects like the Utsira High project.'
