Electromagnetic Geoservices ASA

Investor Presentation • Nov 6, 2024

Q3 2024 RESULTS

Oslo, 6th November 2024

Bjørn Petter Lindhom, CEO Anders Eimstad, CFO

Disclaimer

This quarterly presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. Such forward-looking information and statements are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for Electromagnetic Geoservices ASA (EMGS) and its subsidiaries. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for the EMGS' businesses, oil prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time. Although Electromagnetic Geoservices ASA believes that its expectations and the information in this Report were based upon reasonable assumptions at the time when they were made, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in this Report. Electromagnetic Geoservices ASA nor any other company within the EMGS Group is making any representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the information in the Report, and neither Electromagnetic Geoservices ASA, any other company within the EMGS Group nor any of their directors, officers or employees will have any liability to you or any other persons resulting from your use of the information in the Report. Electromagnetic Geoservices ASA undertakes no obligation to publicly update or revise any forward-looking information or statements in the Report.

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Q3 2024

Operational summary

• Atlantic Guardian transited from Brazil to Norway . Upon arrival, the Atlantic Guardian commenced acquisition of several multi-client projects in Norway.
• Successfully completed acquisition of OBN seismic survey in Norway.
• In September 2024, EMGS extended the charter party for the charter of the Atlantic Guardian by one year.

Financial summary of the quarter

• Revenues of USD 1.1 million
• EBITDA of negative USD 3.6 million
• Adjusted EBITDA of negative USD 5.9 million (adjusted for multiclient investments and capitalized vessel and office leases)
• Available cash increased by USD 7.4 million in the quarter, resulting in available cash of USD 13.2 million as of 30 September 2024

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Operations and Market

Norway Campaign in Q3

• Atlantic Guardian arrived back in Norway late July
• During the quarter EMGS completed 4 EM surveys and 1 OBN survey in the Barents Sea
• A fully prefunded survey in the North Sea were in progress at the end of the quarter and has since been completed
• Revenues will be booked when data is delivered in Q4

First commercial seismic Ocean Bottom Node (OBN) survey completed

• EMGS' first commercial OBN project in collaboration with Velocitas Geo Solutions was completed in September
• New node technology and conventional nodes deployed following a CSEM survey in same area
• All nodes and data successfully recovered. Seismic nodes deployed using NOAR ("Nodes-On-A-Rope", one of the deepest NOAR surveys in Norway ever (400m – 450m)
• Early processing indicates that all project goals are met
• We expect to recognize the revenues from this survey in Q4

Financial position remains strong

• Financial position remains strong
• Available cash at end of Q3 2024 was USD 13.2 million
• Convertible bond loan remains at approximately USD 19.5 million

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• Revenues • USD 1.1 million total revenue • USD 0.2 million in pre-funding • USD 0.5 million in late sales

• Vessel utilisation of 40%
  • The Atlantic Guardian commenced and completed the acquisition of several multi-client projects in Norway, including an OBN seismic survey.
• EBITDA
  • Negative USD 3.6 million
  • Adjusted EBITDA* of negative USD 5.9 million

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*Adjusted EBITDA includes capitalised multi-client expenses and vessel and office lease expenses

Operational costs

Quarterly operational cost base* development (USD million)

Comments

• Operational costs base in Q3 24 of USD 7.0 million
  • USD 0.2 million higher than Q2 24

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• The Atlantic Guardian completed transit from Brazil to Norway and commenced several prefunded multi-client surveys in Norway including an OBN seismic survey.
• USD 1.5 million in multi-client expenses were capitalized in the quarter increasing the book value of the multi-client library to USD 2.2 million.

*Cost base is defined as operational costs (charter hire etc, employee expenses, other operating expenses) plus MC investments and vessel and office lease payments presented as financial leases from 1 January 2019, restructuring charges and other extraordinary items

Increase in free cash in Q3 2024

• Net increase in free cash of USD 7.4 million to USD 13.2 million
  • Adjusted EBITDA of negative USD 5.9 million
  • Trade receivables decreased by USD 10.6 million as compared to the previous quarter
  • Trade payables decreased by USD 0.5 million

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• Change in other working capital contributed USD 5.1 million

Q & A

Please e-mail questions to: emgs@emgs.com