Electromagnetic Geoservices ASA

Earnings Release • Feb 6, 2023

Q4 2022 RESULTS

Oslo, 7th February 2023

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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Q4 2022

Operational highlights for the quarter

• Successfully completed proprietary survey for Woodside in Trinidad and Tobago
• Atlantic Guardian placed in warm-stack in Norway

Financial highlights for the quarter

• Revenues of USD 15.2 million
• EBITDA of USD 10.3 million
• Adjusted EBITDA of USD 8.2 million
• Total available cash of USD 11.4 million
• Completed bond buy-back with an aggregate nominal value of USD 5.0 million
• 7 th consecutive profitable quarter

Subsequent events

• Secured USD 1.7 million late sale revenue in January 2023

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Operations and Market

2022 Operational lookback

• 2 nd year operating with the new flexible business model
• Completed 4 acquisition projects
  • Multi-Client campaign in Norway
  • Marine Mineral survey for the Atlab consortium
  • Multi-Client project in the Orphan Basin offshore newfoundland, Canada
  • Proprietary acquisition for Woodside offshore Trinidad and Tobago
• Safe and efficient operations without safety incidents and with very low technical downtime
• Vessel utilization for 2022 at 22%
  • Warm-stack at beginning and end of year
  • Long transits

2022 Financial lookback

Significant improvement in financial results, and continuing the positive trend in revenue and net income started in 2021

• Revenue of USD 35.0 million (unaudited). Up from USD 28.9 million (audited) in 2021
• Full year adjusted EBITDA USD 16.1 million (unaudited). Up from USD 11 million (audited) in 2021
• Net income USD 11.2 million (unaudited). Up from USD 4.9 million (audited) in 2021

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Multi-Client Library continues to perform

• 150,000 km² 3D EM data in Norway, Mexico, Brazil, USA, Canada, Uruguay and Indonesia

• Current book value USD 1.5 million
• 2022 full year Multi-Client revenue of USD 16.7 million including:
  • Multi-Client revenues from Norway and Canada
• EMGS will continue to invest in new multi-client projects on the Norwegian Continental Shelf and internationally

Annual Multi-Client Revenue (MUSD)

Prefunding Late Sales & Uplifts

Fourth quarter 2022 performance I Development in revenues and EBITDA

• Revenues • USD 15.2 million total revenue • USD 2.6 million in multi-client revenue • USD 11.6 million in contract revenue • USD 1.0 million other revenue • Vessel utilisation of 46% • Atlantic Guardian completed the proprietary survey in Trinidad and Tobago and transited back to Norway • USD 10.3 million 0 5 10 15 20 6 8 10 Key financial metrics Quarterly development (USD million) 5

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• Adjusted EBITDA* of USD 8.2 million

• EBITDA

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

Adjusted EBITDA

Operational costs

Employee expenses

Quarterly operational cost base* development (USD million)

Comments

• Operational costs base in Q4 22 of USD 7.0 million
  • USD 1.8 million higher than Q3 22

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• USD 0.7 million bonus accrued in employee expenses as part of the annual employee bonus programme
• high charter hire, fuel and crew expenses as a result of vessel activity level and global transit
• The Atlantic Guardian was on-hire, at the standard charter rate, for the entire quarter resulting in high vessel lease expense

*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 Q4 2022

• Net increase in free cash of USD 53 thousand to USD 11.4 million
  • Positive Adjusted EBITDA of USD 8.2 million
  • Trade receivables increased by USD 4.9 million as compared to the previous quarter
  • Vessel and office leases USD 2.1 million

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• Bond buy-back of USD 4.3 million at 86.5 percent of par

Q & A

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