Electromagnetic Geoservices ASA

EMGS awarded Marine Mineral survey offshore Norway

Electromagnetic Geoservices ASA ("EMGS" or the "Company") is excited to be

selected as the acquisition provider for the NTNU ATLAB consortium. The

consortium was formed to study geophysical imaging of geological processes and

has received funding from the Norwegian Petroleum Directorate, Aker, CGG,

Equinor and NTNU's Centre for Geophysical Forecasting.

The objective of the ATLAB consortium is to collect a broad range of scientific

data at the Mohn's ridge, including CSEM, MT, streamer seismic, node seismic,

and both chemical and biological data for environmental purposes. All data will

be acquired using the Atlantic Guardian.

EMGS has developed a deep-towed EM streamer system that has been designed for

marine mineral exploration. In addition to EM, the new system serves as a

platform for the collection of numerous other data types close to the seabed.

The acquisition, which is currently ongoing, has a contract value of

approximately USD 1 million.

CEO of EMGS Bjørn Petter Lindhom comments

"We are excited to be chosen as the acquisition provider by the consortium. The

deep-towed EM system represents an important step towards a more diversified

product offering and positioning EMGS as the provider of choice for the emerging

marine mineral exploration market. We believe the new system allows for the

simultaneous acquisition of seismic and EM data for the purpose of shallow

subsurface imaging, which could have applications in site surveying for offshore

wind installations."

Contact

Anders Eimstad, CFO, +47 948 25 836

This information is published in accordance with the Norwegian Securities

Trading Act § 5-12.

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.

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