Electromagnetic Geoservices ASA

Investor Presentation • May 13, 2025

Q1 2025 RESULTS

Oslo, 13th May 2025

Bjørn Petter Lindhom, CEO Anders Eimstad, CFO

Disclaimer

This quarterly presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. Such forward-looking information and statements are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for Electromagnetic Geoservices ASA (EMGS) and its subsidiaries. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for the EMGS' businesses, oil prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time. Although Electromagnetic Geoservices ASA believes that its expectations and the information in this Report were based upon reasonable assumptions at the time when they were made, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in this Report. Electromagnetic Geoservices ASA nor any other company within the EMGS Group is making any representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the information in the Report, and neither Electromagnetic Geoservices ASA, any other company within the EMGS Group nor any of their directors, officers or employees will have any liability to you or any other persons resulting from your use of the information in the Report. Electromagnetic Geoservices ASA undertakes no obligation to publicly update or revise any forward-looking information or statements in the Report.

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Q1 2025

Operational summary

• Completed the first of two proprietary acquisitions in India
• Started mobilization for the second proprietary acquisitions in India

Financial summary of the quarter

• Revenues of USD 10 million in the quarter
• EBITDA of USD 2.7 million and adjusted EBITDA of USD 2.0 million
• Quarter end free cash balance of USD 6.0 million

Subsequent events

• EMGS establishes new business platform within Subsea Construction through vessel acquisition

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• Senior Unsecured Convertible Bond (EMGS03) extended to November 2030

Operations and Market

Operations

• Completed first India contract with revenues of USD 10 million
• Started mobilization for 2nd contract in India
• Acquisition ongoing with expected completion beginning of June
• Vessel to depart India after completion

New subsea construction business platform

Introduction to the transaction About Siem Day – 250t OSCV

• EMGS has established new business platform within the offshore subsea construction market
• Acquisition of OSCV vessel Siem Day for USD 108.9m
• Financed with 5-year bareboat charter to minimize up-front cost to EMGS shareholders
• Vessel is on contract with strong counterparty at market rates through 2025
• Strategy is to operate the vessel on term contract whilst remaining open to shorter term opportunities
• Transaction is subject to shareholder approval at upcoming Annual General Meeting
• Long-term strategy for EMGS is to pursue growth in the subsea sector through the addition of further vessels

Siem Day
Year	2013
Shipyard	VARD Brattvaag
Design	STX OSCV 11L
DWT	5,000t
Deck	1,300m2
DP	DP2
Accommodation	110pax
LOA	120.8m
Breadth	22m
Draught	6.6m
Crane	250t

Designed for subsea operation and offshore wind farm duties such as:

• Construction and installation work, IMR
• Clean design, good seakeeping abilities, station keeping performance, high transit speed
• Low fuel consumption, diesel electric machinery
• Classed according to SPS 2008 and Clean Design
• Strong operational track record

Supportive market backdrop

Significant call on new developments Strong growth for key subsea drivers

99 95 99 60 65 70 75 80 85 90 95 100 105 110 mb/d '23 '25 102 '30 87 106 97 107 '35 106 DNV Energy Transition Outlook '24 (2.2°) Rystad Energy - «Current Trajectory» Equinor '24 Energy Perspectives - «Walls» Goldman Sachs Research ('24) Demand from assets under development Demand from producing assets Required supply from discovered and undiscovered assets to meet demand

Oil demand excludes liquid biofuels, as defined by IEA. Rystad (total liquids demand), Goldman Sachs (total liquids demand) and DNV (crude oil demand) forecasts have been converted to oil demand using IEA as basis for historic oil demand while Equinor '35 data point is based on '30 and '40 data points (average)

Source: Arctic Securities, IEA, Rystad Energy, Goldman Sachs, Equinor, DNV

IEA WEO '24 - «Stated policies»

Liquids supply/demand balance

Subsea construction fleet market expected to remain strong

2025 construction vessel forecast 2027 construction vessel forecast

Market for construction vessels expected to see strong growth and remain tight going forward, despite of newbuilds entering the market

Source: Fearnley Offshore

Deal fundamentals

Transaction details Financing

• Acquisition of OSCV vessel Siem Day for USD 108.9m
• 5-year financing via bareboat charter at attractive rate to EMGS from Siem Day II AS to be owned 80% by the Siem Group and 20% by Perestroika

• Vessel to be managed and operated by Aurora Offshore Management, estimated opex of USD 22,000 per day

• Initial payment of USD 10.9 million (10%) due at bareboat charter commencement

• Financed through an increase of EMGS' convertible bond, underwritten by the two largest shareholders and bondholders
• Convertible bond extended to 9 November 2030, adopted via written resolution on 6 May 2025
• Bareboat charter cost of USD 42,000 per day until 31 December 2025, increasing to USD 45,000 thereafter
• Subject to customary terms including cash sweep
• Net purchase obligation after 5 years of USD 59.1m, less additional cash sweep proceeds
• Implied interest cost to EMGS of 10.4%

First quarter 2025 performance I Development in revenues and EBITDA

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• Revenues • USD 10.0 million total revenue • USD 9.9 million in contract and other revenue • USD 150 thousand in multi-client late sales • Vessel utilization of 35% • The Atlantic Guardian completed the acquisition of one proprietary survey in India and commenced mobilisation for the second India survey • EBITDA • USD 2.7 million • Adjusted EBITDA* of USD 2.0 million 0 5 10 15 0 5 10 Key financial metrics Quarterly development (USD million)

Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Revenues Contract sales Multi-client revenues Adjusted EBITDA 7.9 7.0 9.7 10.0 13.8 1.1 2.0 0.2

*Adjusted EBITDA includes capitalised multi-client expenses and vessel and office lease expenses

Operational costs

Quarterly operational cost base* development (USD million)

Comments

• Operational costs base in Q1 25 of USD 8.0 million
  • USD 3.3 million higher than Q4 24

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• USD 1.5 million in transit costs were capitalised in the fourth quarter of 2024. These costs were recognized in the first quarter of 2025.
• Employee expenses, other operational expenses and vessel and office lease expenses have remained relatively consistent over the last five quarters

*Cost base is defined as operational costs (charter hire etc, employee expenses, other operating expenses) plus MC investments and vessel and office lease payments presented as financial leases from 1 January 2019, restructuring charges and other extraordinary items

** Tax provision from 2012-2013 in the amount of USD 2.9 million was reversed in the fourth quarter. USD 2.9 million was added back to charter hire, fuel and crew expenses

Charter hire, fuel and crew expenses Vessel and office lease expenses

• Other operational expenses
• Employee expenses

Decrease in free cash in Q1 2025

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Q & A

Please e-mail questions to: emgs@emgs.com