Electromagnetic Geoservices ASA

EMGS to launch second partial bond buy-back

The board of directors of Electromagnetic Geoservices ASA ("EMGS" or the

"Company") has resolved to initiate a second voluntary, partial buy-back of

bonds under the Company's outstanding convertible bond issue.

The second voluntary bond buy-back follows the successful voluntary bond buy-

back completed by the Company in July 2021, where the Company bought back and

subsequently discharged bonds with a total nominal value of USD 4,000,000 (equal

to 12.31 per cent of the Outstanding Bonds, as defined in the bond agreement, at

the date of launch of the first voluntary buy-back offer).

Under the second voluntary bond buy-back, the Company intends to offer to buy-

back outstanding bonds with an aggregate nominal value of up to USD 4,000,000

(equal to 14.03 per cent of the Outstanding Bonds, as defined in the bond

agreement, at the date hereof). EMGS will offer to buy back the bonds at 75 per

cent of par value.

Bondholders representing the majority of the outstanding bonds have already

indicated that they support the buy-back and that they intend to participate.

The offer price has been determined based on a fair market value assessment made

by an independent third-party.

The Company expects to formally launch the buy-back offer as soon as possible,

and complete the process no later than 31 December 2021.

Contact

Anders Eimstad, CFO, +47 948 25 836

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. CSEM technology can also be used to detect the

presence of marine mineral deposits (primarily Seabed Massive Sulphides) and

EMGS believes that the technology can also be used to estimate the mineral

content of such deposits. The Company is undertaking early-stage initiatives to

position itself in this future market.

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act

AI Terminal