Welcome to the presentation of EMGS's Q4 2023 results. I'm here, as usual, with our CFO, Anders Eimstad, and together we will present these results. Please take note of our disclaimer. Operational summary: The Atlantic Guardian was warm stacked for the entire quarter, and the initial phase of the renewable energy project was completed. On the financial side, we had revenues for the quarter of $1.1 million, which resulted in adjusted EBITDA of negative $1.7 million, and our total cash at the end of the quarter was $10.3 million. After the quarter, we announced a fully pre-funded multi-client contract with Petrobras worth approximately $11.7 million, and also that we received a letter of intent from Equinor for a fully pre-funded multi-client survey offshore Norway.
I will talk a little bit more about these two projects later in the presentation. Moving on to our operations and market section. We are very pleased to be returning to Brazil for the first time in almost a decade. We'll be acquiring data in the Espírito Santo Basin, where we also have acquired a significant amount of data before, as you can see on the map on the right. This time, we will be acquiring a fairly large 3D multi-client survey in the deep waters of the basin. The coverage is about 456 square kilometers, and we will be deploying a total of 470 receivers and tow our source for 426 kilometers. We will be using a Deep Blue source, and we expect the survey to take approximately two months.
The total value of the contract is $11.7 million. The Norwegian APA 2023 offers were announced on the sixteenth of January. 24 companies were awarded ownership interests in 62 production licenses. Of those 62 licenses, 10 of them had a work program that included some form of EM work commitments. Six licenses had a commitment to acquire new data, and four had a commitment to either perform an EM feasibility study or license existing EM data. An additional 16 licenses are fully or partially covered by our multi-client data. The map shows the 10 licenses with EM in the work program, and the southernmost license, highlighted in black, is the license PL 1202S, which was awarded to Equinor, Aker BP, and Petoro, and we will talk a little bit more about that license coming up.
In the license PL 1202S, we have received a letter of intent from Equinor for a fully pre-funded multi-client survey. The expected revenue from this survey is $2 million, and the survey will be acquired by the Atlantic Guardian prior to its departure for Brazil. The reason we are acquiring the data so early in the season is to avoid the significant fishing activity expected in this area later in the year. We plan to return to Norway after the completion of the Brazil project and acquire data over additional licenses awarded in the APA 2023 license round, especially in the Barents Sea. The current energy situation in Europe has led to a focus on gas exploration. The oil companies have become energy companies, and many are now actively looking for gas, not just finding gas and looking for oil.
We see the interest in EM has increased as a result of this. The figure on the right shows an example of how EM data can complement seismic data in gas exploration. The uppermost figure shows a structure with a strong seismic amplitude anomaly, which indicates the presence of gas. However, seismic cannot distinguish a sand with 10% gas saturation from a sand with 90% gas saturation. However, EM only responds to high gas saturations, and the resistivity response measured by EM shows that the much smaller part of the structure is actually filled with high saturation gas, and that the northern part of the structure looks much better than the southern part. Despite the slow quarter at the end of a very slow year, our financial position remains strong.
The available cash balance stands at $10 million, and the convertible loan is unchanged and remains at $19.5 million approximately. The book value of our multi-client library is now $0.9 million, and our equity is still positive. With that, I will hand over to Anders, who will go through our financial numbers in more detail.
Thank you, Bjørn Petter. The total revenue for the Q4 was $1.1 million. The graph on the upper right shows quarterly revenue development. From this graph, you can see that revenue has decreased from the previous quarters. Of the $1.1 million in revenue in the Q4 , $356,000 was contract sales, while $793,000 was related to multi-client sales. We had one vessel on charter in the Q4 . The Atlantic Guardian was warm stacked for the entire quarter, resulting in a vessel utilization of 0% for the quarter. We recorded an EBITDA of -$1 million in the Q4 . EBITDA excludes the capitalized multi-client expenses as well as the vessel and office lease expenses.... If we add these expenses to the EBITDA, we get an adjusted EBITDA.
The quarterly development of the adjusted EBITDA is shown in the graph at the bottom right of the slide. The adjusted EBITDA in the Q4 was -$1.7 million. The next slide deals with movement in the operational cost base. In the graph to the left, you can see the quarterly development and the components of EMGS's operational cost base. The components are charter hire, fuel, and crew expenses, employee expenses, and other operational expenses. In addition, the capitalized multi-client expenses and vessel and office lease expenses are added to the cost base. The operational cost base for the Q4 was $2.9 million, compared to an operational cost base of $2.3 million in the Q3 . The low operational cost base reflects the low activity level over the last Q4 .
The next slide details the movement of free cash in the Q4 . Free cash decreased in the Q4 by $1.3 million. This is illustrated in the graph to the left. The light blue bar to the left shows a free cash position at the end of the Q3 of $11.5 million. The components increasing the cash position during the Q4 are shown in dark blue, while the components reducing the cash position are colored red. Free cash at the end of the Q4 was $10.3 million. The EBITDA of -$1 million decreased the cash this quarter. Vessel and office leases decreased cash by $0.7 million.
The decrease in trade receivables from $1.5 million dollars to $1.1 million dollars increased the cash this quarter by $0.4 million dollars. The increase in trade payables from the previous quarter, in the amount of $0.5 million dollars, also increased the free cash. The investment in property, plant, and equipment of $0.3 million dollars in the quarter decreased free cash. The interest paid in the Q4 on the convertible bond and other interest expenses amounted to $0.6 million dollars in the Q4 .
Thank you, Anders. That concludes our Q4 2023 presentation. Please, as always, submit your questions at emgs@emgs.com. Thank you.