Electromagnetic Geoservices ASA

EMGS publishes Buy-Back Offer Document related to voluntary buy-back offer for bonds issued under Elec ASA 18/25 FRN USD FLOOR STEP C CONV

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR

INDIRECTLY, TO U.S. NEWS WIRE SERVICES, IN OR INTO THE UNITED STATES, AUSTRALIA,

CANADA, JAPAN, HONG KONG, SINGAPORE OR ANY OTHER JURISDICTION IN WHICH THE

DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. FURTHER RESTRICTIONS ARE APPLICABLE,

AS DESCRIBED IN THE ATTACHED BUY-BACK OFFER DOCUMENT.

Reference is made to the stock exchange notification published by

Electromagnetic Geoservices ASA ("EMGS" or the "Company") on 12 December 2022

wherein the Company announced its intention to launch a voluntary, partial buy-

back of bonds with an aggregate nominal value of USD 5,000,000 (subject to

reductions or increases) under the Company's outstanding bond issue Elec ASA

18/25 FRN USD FLOOR STEP C CONV.

EMGS has today published the attached Buy-Back Offer Document. 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.

The Buy-Back is offered to all Bondholders on equal terms. The Buy-Back Offer

Period will commence on 15 December 2022 at 09:00 CET and end on 22 December

2022 at 16:00 CET, and may be extended by EMGS at its own discretion.

Announcement of the result of the Buy-Back is expected on or about 23 December

2022 and the Buy-Back Settlement Date is expected to be on or about 27 December

Further details regarding the Buy-Back, including the tendering process and

contact details for submission of the Bondholder Offer Form, are set out in the

Buy-Back Offer Document.

Contact

Anders Eimstad, CFO, +47 948 25 836

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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