Electromagnetic Geoservices ASA

EMGS to launch its third partial bond buy-back

The board of directors of Electromagnetic Geoservices ASA ("EMGS" or the

"Company") has resolved to initiate a third voluntary, partial buy-back of bonds

under the Company's outstanding convertible bond issue Elec ASA 18/25 FRN USD

FLOOR STEP C CONV ("EMGS03").

The third voluntary bond buy-back follows; (i) the first voluntary bond buy-

back, completed by the Company in July 2021, where the Company bought back and

subsequently discharged bonds with a total nominal value of approx. USD

4,000,000 (equal to 12.3 per cent of the Outstanding Bonds (as defined in the

bond agreement) at the date of launch of the first offer) and; (ii) the second

voluntary bond buy-back, completed by the Company in December 2021, where the

Company bought back and subsequently discharged bonds with a total nominal value

of approx. USD 4,000,000 (equal to 14.0 per cent of the Outstanding Bonds at the

date of launch of the second offer).

Following completion of the first and the second voluntary bond buy-backs and as

of the date of this release, a total of USD 24,501,100 remains outstanding under

EMGS03.

Under the third voluntary bond buy-back, the Company intends to offer to buy-

back Outstanding Bonds with an aggregate principal amount of up to USD

5,000,000 (subject to upsizing). EMGS will offer to buy back the bonds at 86.5

per cent of par value (a discount to par value of 13.5 per cent).

Based on preliminary discussions, only one of the largest bondholders has

indicated its interest to participate.

The Company expects to formally launch and complete the offer within 31 December

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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