Oslo-listed firm Carbon Transition has entered into a new $2 million multi-client seismic data licensing contract with an undisclosed customer.
"Under the contract, the customer will license certain data from Carbon Transition’s Utsira multi-client library in Norway. The agreement represents revenues of approximately USD 2.0 million to Carbon Transition on a net basis," Carbon Transition said.
This is the second Utsira multi-client license agreement announced by Carbon Transition in December.
On December 3, Carbon Transition announced a net $2.2 million license agreement, also with an undisclosed client.
"This means Carbon Transition in total has sold a net of $4.2 million from the Utsira multi-client library in the month of December 2021. The combined sales in December will strengthen Carbon Transition's balance sheet with approximately $4.2 million," Carbon Transition said.
According to the info on the company's website, its Utsira OBN multi-client library is located to the west of the Utsira High in the Norwegian North Sea and covers an area of approximately 2,000 square kilometers "of highly prospective acreage with high definition 3D seismic OBN data."
The survey was acquired during 2018 and 2019 with support from AkerBP, Equinor, and TGS. The Utsira holds large offshore fields, such as Edvard Grieg, Ivar Aasen, Balder, Gina Krog, Gudrun, and Johan Sverdrup, along with a number of undeveloped discoveries and prospects.
The Oslo-listed firm earlier this year changed its name to Carbon Transition from AxxisGeo Solutions, reflecting its new strategy to invest in low carbon businesses.
Cabon Transition has said it will focus on investing in private companies and have "a goal of positively impacting the value creation of its investments."
As for its seismic business, operating under the name Axxis Geo Solutions, with both an ocean-bottom seismic contract business and a multi-client data library, the company has previously said it will continue going forward but will be subject to requirements for satisfactory rates of return.
In November, the company said its CEO Ronny Bøhn had decided to resign. Bøhn had served as CEO of then AxxisGeo Solutions since August 2020. He has more than 20 years of experience in the seismic industry and had held management positions as vice president of marine operations at CGG and as COO at April AS.
Last week, Carbon Transition appointed Nils Haugestad as interim CEO. Haugestad will also remain in his position as CFO of the company.
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