Electromagnetic Geoservices ASA

Regulatory Filings • Dec 2, 2020

EMGS receives Letter of Award

EMGS receives Letter of Award

?Electromagnetic Geoservices ASA ("EMGS" or the "Company") is pleased to

announce that the Company has received a letter of award for 3D CSEM and MT

(magnetotelluric) multi-client survey in the Gulf of Mexico. The letter of award

is issued by one of the Company's existing clients and represents the first

project for this customer in the Gulf of Mexico.

The Company expects that final contract execution will take place within the

next several weeks. Based on the letter of award, the Company will mobilise the

Atlantic Guardian for the project. EMGS expects the survey to take one to two

months, commencing late Q1 2021.

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.

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act