Electromagnetic Geoservices ASA

Investor Presentation • May 8, 2024

Q1 2024 RESULTS

Oslo, 8th May 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.

Q1 2024

Operational summary

• Completed the acquisition of the fully prefunded multi-client survey in the North Sea
• Started transit toward fully prefunded multi-client project in Brazil for Petrobras

Financial summary of the quarter

• Revenues of USD 239 thousand in the quarter
• EBITDA of negative USD 2.0 million and adjusted EBITDA of negative USD 3.8 million
• Quarter end free cash balance of USD 8.7 million
• USD 1.2 million in multi-client expense capitalised in the first quarter

Subsequent events

• USD 2.7 million in revenue from the Equinor multi-client project will be recognised in the second quarter in accordance with IFRS 15

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• The Atlantic Guardian has cleared customs and has started acquisition on the Petrobras project in Brazil

Operations and Market

Brazil Project

• Atlantic Guardian arrived in Brazil at the end of April and was successfully imported under the Brazilian temporary importation regime called REPETRO
• In Brazil CSEM is considered an environmentally benign activity and EMGS is not required to apply for an IBAMA permit, but receives a waiver from IBAMA
• The contract value is approx. USD 11.7 million, and the survey is in the deep-water portion of the Espirito Santo Basin offshore Brazil
• Survey commenced May 1 and is expected to take about 2 months
  • 470 Ocean-bottom-EM- nodes / receivers
  • 426 towing km
  • 456km2 area under receivers

Atlantic Guardian leaving Rio de Janeiro on the way to survey area in Espirito Santos Basin

Norway Campaign

• The fully-prefunded survey in PL1202S in the North Sea was completed during March
• The revenue from the survey, which will be recognized in Q2, increased from USD 2 million to USD 2.7 million due to more than expected waiting on weather
• The vessel is expected to return to Norway in Q3 to acquire several additional, as of yet unsecured, surveys in the Barents Sea
• We expect announcements during Q2 on these surveys

Wells to watch – Barents Sea

• AkerBP to drill 3 wells in license PL1170 in the Wisting area, 7324/6-2 (Ferdinand Nord), 7324/8-4 (Hassel) and 7324/6-3 (Viasat)
• All 3 wells are associated with resistive anomalies, and we expect all 3 to find hydrocarbons

Well Name (Prospect Name)	Resistivity Anomaly in Jurassic (Yes/No)	Well result in Jurassic (other targets)
7324/8-1 (Wisting)	Yes	Oil discovery
7324/7-1S (Wisting Alternativ)	No	Dry (no target in Jurassic, target in Triassic dry)
7324/7-2 (Hanssen)	Yes	Oil discovery
7324/8-3 (Wisting Central III)	Yes	Oil discovery
7324/7-3S	Yes	Oil discovery
7324/8-2 (Bjaaland)	No	Shows
7325/4-1 (Gemini North)	Yes	Gas discovery
7324/6-1 (Sputnik)	No	Dry (discovery in Triassic)
7324/2-1 (Apollo)	No	Dry
7324/9-1 (Mercury)	Yes	Gas discovery
7324/6-2 (Ferdinand Nord – to be drilled)	Yes	EMGS predicts discovery
7324/8-4 (Hassel – to be drilled)	Yes	EMGS predicts discovery
7324/6-3 (Viasat - to be drilled)	Yes	EMGS predicts discovery

Please note that these are EMGS' current expectations based on limited and incomplete information. Please refer to the disclaimer at the beginning of this presentation.

Financial position remains strong

• Financial position remains strong despite a disappointing 2023
• Available cash at end of Q1 2024 was USD 8.7 million
• Convertible bond loan remains at approximately USD 19.5 million
• Book value of the multi-client library is USD 2 million

Key financial metrics Quarterly development (USD million)

• Revenues
  • USD 239 thousand total revenue
  • Revenue connected to the fully prefunded multi-client survey, for which acquisition was completed in the first quarter, will be recognised in the second quarter of 2024
• Vessel utilisation of 27%
  • Atlantic Guardian warm-stacked until the 19th of February
  • Completed acquisition of a fully prefunded multi-client survey in the North Sea
• EBITDA
  • Negative USD 2.0 million
  • Adjusted EBITDA* of negative USD 3.8 million
  • USD 1.1 of charter hire, fuel and crew expenses capitalised as part of the multi-client survey in the North Sea

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

First quarter 2024 performance I Development in revenues and EBITDA

Operational costs

Quarterly operational cost base* development (USD million)

Comments

• Operational costs base in Q1 24 of USD 4.1 million
  • USD 1.2 million higher than Q4 23

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• The Atlantic Guardian was warm-stacked until the 19th of February
• USD 1.1 million capitalized as part of the multi-client survey in the North Sea

*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

Decrease in free cash in Q1 2024

• Net decrease in free cash of USD 1.6 million to USD 8.7 million
  • Negative Adjusted EBITDA of USD 3.8 million
  • Trade receivables decreased by USD 0.8 million as compared to the previous quarter
  • Trade payables increased by USD 0.7 million

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• Change in other working capital of USD 0.9 million

Q & A

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