Electromagnetic Geoservices ASA

Earnings Release • Aug 17, 2022

EMGS reports second quarter 2022 results

EMGS reports second quarter 2022 results

Electromagnetic Geoservices ASA's ("EMGS" or the "Company") financial report and

market presentation for the second quarter of 2022 are attached.

Highlights:

* The Company recorded revenues of USD 6.9 million, down from USD 9.4 million in

the second quarter of 2021 and up from USD 6.2 million in the first quarter of

* Adjusted EBITDA (including capitalised multi-client expenses and vessel and

office lease expenses) of USD 2.8 million, down from USD 4.6 million in the

second quarter of 2021.

* Free cash increased with USD 3.4 million during the quarter, to USD 11.6

million.

* Atlantic Guardian time charter extended by one year to 20 October 2023.

* Subsequent to the end of the second quarter 2022, EMGS announced that the

Company secured USD 3.8 million in uplifts related to the existing multi-client

library in Norway. The Company also announced that it has secured USD 2.0

million in prefunding for a multi-client survey in East Canada as well as an

acquisition contract with a maximum value of USD 11 million.

* The Atlantic Guardian is currently acquiring a proof-of-concept survey in the

Mid-Atlantic Ridge related to marine mineral exploration.

A pre-recorded presentation will be available over the internet from 20:00

(local time Norway) today. To access the presentation, please go to the

Company's homepage (www.emgs.com (http://www.emgs.com)) and follow the link.

Contact

Anders Eimstad, Chief Financial Officer, +47 94 82 58 36

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 of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.