Brief: Carbon Transition Signs $1.4 Mln Seismic Data Licensing Contract

Fjord Defence ASA

16/03/2022 06:20

March 16 (Reuters) - Carbon Transition ASA  CARBN.OL :
    * CARBON TRANSITION ANNOUNCES NEW UTSIRA MULTI-CLIENT LATE
SALE
AND BECOMES
    * HAS ENTERED INTO A NEW USD 1.4 MILLION (NET TO CARBON
TRANSITION) MULTI-CLIENT SEISMIC DATA LICENSING CONTRACT WITH AN
UNDISCLOSED CUSTOMER
    * UNDER CONTRACT, CUSTOMER WILL LICENSE CERTAIN DATA FROM
CARBON
TRANSITION'S UTSIRA MULTI-CLIENT SURVEY IN NORWAY
    * IN TOTAL USD 6.9 MILLION (NET TO CARBON TRANSITION) IN
MULTI-CLIENT SALES HAS BEEN RECEIVED BY COMPANY SINCE Q4 OF 2021
    * CARBON TRANSITION WILL REPAY ITS OUTSTANDING USD 0.9
MILLION
LOAN BALANCE
    * AS A RESULT, COMPANY WILL HAVE NO REMAINING FINANCIAL
INDEBTEDNESS AND CASH BALANCES WILL BE INCREASED BY
APPROXIMATELY USD 0.5 MILLION
    * THIS REMOVES RESTRICTIONS ON PAYING DIVIDENDS AND SHARE
BUYBACKS
WHICH WERE NOT ALLOWED PREVIOUSLY UNDER LOAN AGREEMENT

Source text for Eikon:  ID:nObiP6ncha 
Further company coverage:  CARBN.OL 

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