Electromagnetic Geoservices ASA

EMGS: Result of Written Resolution of Bondholders

Reference is made to the stock exchange notifications published by

Electromagnetic Geoservices ASA ("EMGS" or the "Company") on 27 January 2022 and

1 February 2022, respectively, pertaining to EMGS' proposal to amend the terms

of the Company's outstanding bond issue FRN Electromagnetic Geoservices ASA

Senior Unsecured Convertible Bonds 2018/2023 ("EMGS03") to; (a) extend the

maturity date by 24 months (from May 2023 to May 2025); and (b) increase the

interest margin by 100 bps from 5.5 to 6.5 per cent (over the applicable

reference rate).

EMGS has today been notified by Nordic Trustee AS, as trustee for EMGS03, that

the proposed resolution has been resolved and adopted.

The notice from the written bondholders' resolution is attached to this release.

Contact

Anders Eimstad, CFO, +47 948 25 836

This information is published in accordance with the Norwegian Securities

Trading Act § 5-12.

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.

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