ElectroMagnetic GeoServices (EMGS) has signed two new licensing agreements with two oil companies in the Barents Sea worth $1.6million.
The contracts come as the company revealed a loss of revenue in its second quarter earnings.
EMGS said it will be working with two oil companies for the provision of 3D EM data from EMGS’s multi-client data library over the Barents Sea and the Norwegian Sea.
The company said the revenues from the deals, which are a combination of pre-funding and late sales, will be booked in the third quarter of the year.
The agreements were made as the company revealed its revenues were down to £12.1million from $42.5million the same time a year earlier.
Headcount has also been reduced by 20% and the company said it had move down from four vessels to three.