Carbon Transition Announces New Utsira Multi-Client Late Sale

Carbon Transition is pleased to announce that the company has entered into a new USD 2.5 million (net to Carbon Transition) multi-client seismic data licensing contract with an existing customer. The agreement includes significant additional uplift revenues relating to set milestones. The uplifts will be recognized as late sales revenue when the milestones occur. Under the contract, the customer will license Carbon Transition’s Utsira multi-client survey in Norway. Carbon Transition specializes in multi-client data for near-field exploration, where production infrastructure is in place and where E&P companies need high quality seismic data to unlock existing potential. In these areas, natural resources can be extracted at low cost and with low environmental impact and emissions. The significant increase in oil and gas prices and the growing focus on energy security has solidified the expected value of Carbon Transition’s multi-client library.