Carbon Transition Announces New Utsira Multi-Client Late Sale

Source: www.gulfoilandgas.com 3/16/2022, Location: Europe

Carbon Transition ASA is pleased to announce that the company has entered into a new USD 1.4 million (net to Carbon Transition) multi-client seismic data licensing contract with an undisclosed customer. Under the contract, the customer will license certain data from Carbon Transition’s Utsira multi-client survey in Norway. This follows total Utsira net multi-client license sales of USD 5.5 million (net to Carbon Transition) announced in the fourth quarter of 2021. Thus, in total USD 6.9 million (net to Carbon Transition) in multi-client sales has been received by the company since the fourth quarter of 2021.

As evident through these recently announced multi-client sales to several parties, the market for our multi-client library has significantly improved over the last few months and we expect significant cash flow from multi-client sales going forward.

In connection with this multi-client late sale, Carbon Transition will repay its outstanding USD 0.9 million loan balance. As a result, the company will have no remaining financial indebtedness and cash balances will be increased by approximately USD 0.5 million. This is a significant milestone for the company after its financial restructuring of 2021, and has taken place well ahead of the expected timeframe. Furthermore, this removes restrictions on paying dividends and share buybacks which were not allowed previously under the loan agreement.


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