Electromagnetic Geoservices ASA

Major Shareholding Notification • Dec 27, 2023

EMGS: Mandatory notification of trade (flagging)

EMGS: Mandatory notification of trade (flagging)

Siem Investments S.à.r.l. has on 27 December 2023 acquired 12,000,000 shares in

Electromagnetic Geoservices ASA ("EMGS" or the "Company").

Siem Investments S.à.r.l. is an entity closely associated with member of the

board and primary insider (PDMR) of EMGS, Jørgen Westad.

Siem Investments S.à.r.l. owns, after this acquisition, a total of 43,327,467

shares in EMGS constituting 33% of the share capital and voting rights in EMGS.

Siem Investments S.à.r.l. has consequently passed the 25% disclosure threshold.

Further details regarding the transaction are set out in the attached form.

Contact

Anders Eimstad, CFO, +47 948 25 836

This information is subject to the disclosure requirements in Regulation EU

596/2014 article 19 number 3 and the Norwegian Securities Trading Act § 5-12.

The stock exchange notification was published by Anders Eimstad, CFO,

Electromagnetic Geoservices ASA.

About EMGS

EMGS, the marine EM market leader, uses its proprietary electromagnetic (EM)

technology to support oil and gas companies in their search for offshore

hydrocarbons. EMGS supports each stage in the workflow, from survey design and

data acquisition to processing and interpretation. The Company's services enable

the integration of EM data with seismic and other geophysical and geological

information to give explorationists a clearer and more complete understanding of

the subsurface. This improves exploration efficiency and reduces risks and the

finding costs per barrel. CSEM technology can also be used to detect the

presence of marine mineral deposits (primarily Seabed Massive Sulphides) and

EMGS believes that the technology can also be used to estimate the mineral

content of such deposits. The Company is undertaking early-stage initiatives to

position itself in this future market.