Electromagnetic Geoservices ASA (EMGS) has signed a multi-client data-licensing contract with a major international exploration and production operator for Clearplay 3D electromagnetic (EM) data from the eastern Gulf of Mexico. The transaction is worth approximately USD 5.8 million, and it is expected that the majority of revenues will be recognised in the second quarter of 2009.

Carl Hutchins, EMGS president multi-client group, said, "The Gulf of Mexico is one of the most substantial exploration areas in the world, yet the eastern part of this region remains significantly underexplored. Our Clearplay 3D EM technology addresses some of the complex technical challenges to reduce exploration risks and accelerate development in this exciting frontier region.

"We believe that the market potential for EMGS in this region is promising, as we see growing interest in our multi-client 3D EM data."

Tags: EMGS