Electromagnetic Geoservices ASA

Regulatory Filings • Oct 28, 2019

EMGS: New multi-client contract

EMGS: New multi-client contract

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

that the Company has signed a USD 8 million multi-client contract with an

undisclosed customer.

Under the contract, the customer will license certain data from the Company's

existing EM multi-client library in Norway and settle future potential uplift

obligations towards the Company for certain multi-client data already licensed

by the customer. The contract furthermore includes a number of user licenses to

the Company's proprietary EMU and SBLwiz software, and prepayment for consulting

services.

The Company expects that the full contract value will be recognized in the

fourth quarter of 2019.

Contact

Hege Veiseth, EMGS Chief Financial Officer, +47 992 16 743

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.

EMGS operates on a worldwide basis with offices in Trondheim, Oslo, Houston,

Mexico City, Rio de Janeiro and Kuala Lumpur.

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