EMGS and TGS expand cooperation in Barents Sea
TRONDHEIM, Norway -- 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 $2 million. This will be recognized in the first-quarter 2017.
