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EMGS, TGS Expand Cooperation In Barents Sea

January 20, 2017

Electromagnetic Geoservices ASA (EMGS) and TGS-NOPEC Geophysical Co ASA (TGS) have agreed to expand the companies' cooperation agreement in the Barents Sea.

TGS will be investing in a 3D CSEM data acquisition project related to the 24th licensing round in Norway. The contribution from TGS will be booked as a reduction of the carrying value of EMGS' multi-client library.

In addition, EMGS reports late sales of multi-client data in Norway.

The above agreements total USD 2 million. This will be recognised in the first quarter of 2017. 
 

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