Electromagnetic Geoservices ASA

Regulatory Filings • Oct 19, 2020

EMGS: OFG and EMGS enter into cooperation agreement

EMGS: OFG and EMGS enter into cooperation agreement

EMGS: OFG and EMGS enter into cooperation agreement

OFG and EMGS enter into a cooperation agreement

October 19, 2020: Ocean Floor Geophysics Inc (OFG) and Electromagnetic

Geoservices ASA (EMGS) have announced today the signing of a cooperation

agreement under which the two companies agree to work together on various

projects to promote the use of marine CSEM technology.

The agreement places specific emphasis on exploiting the obvious synergies

between the state-of-the-art towed-streamer CSEM system from OFG (under its

exclusive right to acquire the PGS EM technology) and the industry-leading sea-

bottom CSEM/MT nodal system from EMGS. Cooperation will include development of

proprietary and multi-client surveys, and multiphysics reprocessing of existing

seismic and CSEM data.

"We are delighted to have entered into this agreement with EMGS", stated Richard

Cooper, President of OFG Multiphysics. "Combining our technologies, expertise

and market experience is an obvious next step for both companies and allows us

to provide fast and efficient data acquisition and processing services over the

widest possible range of marine environments for resource and environmental

applications."

"We see industry collaboration as key for advancing the EM technology. This

agreement allows us to expand our acquisition offering to also include the

towed-streamer technology and together with OFG we will continue to work on

expanding the CSEM market and the range of CSEM applications", said Bjørn Petter

Lindhom, CEO of EMGS.

FOR DETAILS OFG, CONTACT:

Matthew Kowalczyk, CEO

Email: matthew.kowalczyk@oceanfloorgeophysics.com

Richard Cooper, President, OFG Multiphysics

Email: richard.cooper@oceanfloorgeophysics.com

FOR DETAILS EMGS, CONTACT:

Bjørn Petter Lindhom, CEO

Email: bpl@emgs.com (mailto:bpl@emgs.com)

About OFG: Since its inception OFG has consistently developed and operated

innovative marine geophysical systems to provide new perspectives to our

clients. We provide data acquisition and analysis services that were previously

unavailable by integrating magnetic, EM, CSEM/MT, gravity, chemical, and

hydrographic sensors and systems deployed on AUVs, ASV/USVs, ROVs and towed

systems. OFG provides you with tools to lower your exploration and development

risk. Better data. Better decisions. For more information on OFG visit

www.oceanfloorgeophysics.com (http://www.oceanfloorgeophysics.com/).

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.

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act