Electromagnetic Geoservices ASA

M&A Activity • Aug 1, 2019

EMGS: Proprietary acquisition for Nabirm Global LLC

EMGS: Proprietary acquisition for Nabirm Global LLC

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

that it has been awarded a contract from Nabirm Global LLC ("Nabirm") for a

proprietary 3D CSEM survey over Block 2113A, Petroleum Exploration License (PEL

0058) in the Walvis Basin offshore Namibia.  The contract value is in excess of

USD 1 million.

Under the contract, EMGS will also provide processing, inversion and

interpretation services to Nabirm post acquisition.

Subject to, amongst other things, vessel availability, acquisition is projected

to take place in Q1/Q2 2020, with a backstop date (automatic termination in the

event if no vessel availability) of May 2020.

CEO of EMGS, Bjørn Petter Lindhom comments:

"We are very pleased with the award of this vessel of opportunity contract from

Nabirm, which further strengthens our belief that we are well placed to deliver

significant value to customers operating offshore Africa, and that the

importance of the African market will increase going forward.We are working on

developing a 2020 multi-client campaign offshore Namibia, which will allow us to

deploy a vessel to the region."

CEO of Nabirm, Olayinka Arowolo comments:

"We are pleased to be working with EMGS on this project; it is a significant

opportunity for all our stakeholders as this will be the first survey of its

kind in the region. We believe that EMGS's proprietary technology will help us

de-risk our prospects significantly. Risk Based Solutions Namibia will assist

with  obtaining the required Environmental Clearance Certificate prior to the

acquisition."

Contact

Hege Veiseth, CFO, +47 99 21 67 43

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.

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

Mexico City, Rio de Janeiro and Kuala Lumpur.