Electromagnetic Geoservices ASA

EMGS: Result of bond buy-back and mandatory notification of trade

Reference is made to the stock exchange notifications published by

Electromagnetic Geoservices ASA ("EMGS" or the "Company") on 14 December 2022,

related to the Buy-Back pertaining to the Company's outstanding bond issue Elec

ASA 18/25 FRN USD FLOOR STEP C CONV ("EMGS03").

All capitalised terms used and not defined in this stock exchange notification

are references to those terms as defined in the Buy-Back Offer Document

published by EMGS in connection with the Buy-Back and dated 14 December 2022.

The Company has resolved and committed to repurchase 49,671 Bonds with an

aggregate nominal value of USD 4,967,100, in accordance with the terms and

conditions of the Buy-Back Offer Document.

Following completion of the Buy-Back, the Company will have repurchased EMGS03

Bonds with an aggregate nominal value of approx. USD 13 million under the first,

second and third voluntary bond buy-backs.

REDWHEEL - RWC EUROPEAN FOCUS (CAYMAN) ("Redwheel"), an entity closely

associated with board member and primary insider (PDMR) of EMGS Petteri

Soininen, participated in the Bond Buy-Back and has sold 48,800 Bonds to EMGS at

the offer price of 86.5 per cent of par value of the Bonds.

Following the Buy-Back Settlement Date, Redwheel will hold a total of 0 (zero)

Bonds.

Further details regarding the above 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.

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act

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