Electromagnetic Geoservices ASA

EMGS - Vessel activity and multi-client sales update for the second quarter 2021

Electromagnetic Geoservices ASA (the "Company" or "EMGS") releases information

on vessel activity and multi-client sales during the quarter 4-5 working days

after the close of each quarter. The Company defines vessel utilisation as the

percentage of the vessel charter period spent on proprietary or multi-client

data acquisition. Downtime (technical or maritime), mobilisation, steaming, and

some standby activities are not included in the utilisation rate.

At the end of the second quarter 2021 the Company had one vessel on charter, the

Atlantic Guardian. The Atlantic Guardian started the quarter acquiring multi-

client data in Mexico and upon completion started transit towards Southeast

Asia. At the end of the quarter, the Atlantic Guardian was on location in the

survey area and had commenced acquisition.

The utilization for the second quarter, not including off-hire period, was 32%

compared with 23% for the second quarter 2020.

EMGS had one vessel in operation and recorded 2.8 vessel months in the quarter.

In the second quarter 2020, the Company recorded 5.0 vessel months.

Multi-client revenues in the second quarter

The Company expects to record approximately USD 8 million in multi-client

revenues for the second quarter of 2021, a significant portion of which is

associated with the fully prefunded multi-client project in Mexico.

EMGS will publish its second quarter 2021 financial results on Thursday 19

August 2021 at 07:30 local time (Norway). A recorded presentation will be

broadcasted over the Internet, available from 10:00 local time (Norway). 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, +47 948 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 exploration experts a clearer and more complete

understanding of the subsurface. This improves exploration efficiency and

reduces risks and the finding costs per barrel.

For more information, visit www.emgs.com (http://www.emgs.com)

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act

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