Electromagnetic Geoservices (EMGS) has signed its final contracts with Equinor Energy in a deal worth around $8m.
Under the deal, Equinor will license Barents Sea, Norwegian Sea and North Sea data from EMGS’s existing multi-client library in Norway.
The Norwegian energy producer will also prefund a new multi-client data acquisition project in an unspecified area of the North Sea.
The contracts follow a multi-client letter of intent (LOI) signed between the two companies in late February.
The deal also includes a settlement of future potential uplift obligations towards EMGS for certain multi-client data licensed by Equinor.
“This shows, in our view, that CSEM [controlled-source electromagnetic data] provides valuable information to operators in all areas of the NCS [Norwegian continental shelf],” Bjorn Petter Lindhom, chief executive of EMGS, said in release.
