Electromagnetic Geoservices ASA

EMGS - Board of directors approves audited financial statements and annual report for 2021

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

"Company") has today approved EMGS' 2021 annual financial statements and annual

report. There are no material changes to the financial statements compared to

the preliminary and unaudited full year results presented by the Company on 3

February 2022.

The 2021 audit opinion from the Company's auditor, EY, is without

qualifications. However, it includes an emphasis of matter related to the

Company and the consolidated EMGS group operating with negative equity. For

further details, please refer to the annual report.

EMGS' annual report for 2021 is enclosed to this stock exchange notification.

The annual report will be published in European Single Electronic Format (ESEF)

on or about Monday 26 April 2022.

Contact

Anders Eimstad, Chief Financial Officer, +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.

AI Terminal