Electromagnetic Geoservices ASA

EMGS: Fully prefunded multi-client project in Brazil

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

that the Company has been awarded a contract from Petrobras for a fully

prefunded multi-client survey offshore Brazil.

The survey is expected to start late March or early April 2024. The total

contract value is approximately USD 11.7 million.

CEO of EMGS, Bjørn Petter Lindhom, comments:

"We are delighted to return to Brazil for EMGS' first acquisition project

offshore Brazil in almost 10 years. As 2023 marked a year with little

acquisition activity for EMGS, we are very pleased and encouraged by a notable

increase in the number of active and mature customer discussions for acquisition

projects in 2024. Based on these early signals, we are optimistic that 2024 will

be a good and active year for EMGS. In addition to this project offshore Brazil,

we currently expect that there will be several acquisition projects on the

Norwegian Continental Shelf this year."

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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