Electromagnetic Geoservices ASA

EMGS reports third quarter 2020 results

Electromagnetic Geoservices ASA's ("EMGS" or the "Company") financial report and

market presentation for the third quarter of 2020 are attached.

Highlights:

* The Company recorded revenues of USD 2.1 million, down from USD 26.9 million

in the third quarter of 2019 and down from USD 7.5 million in the second quarter

of 2020.

* Adjusted EBITDA (including capitalised multi-client expenses and vessel and

office lease expenses) of negative USD 1.2 million, down from USD 11.6 million

in the third quarter of 2019.

* Free cash decreased with USD 5.5 million during the quarter, to USD 4.3

million.

A recorded presentation will be available over the internet from 10:00 (local

time Norway) today. To access the presentation, please go to the Company's

homepage (www.emgs.com (http://www.emgs.com/)) and follow the link.

Contact

Anders Eimstad, Chief Financial Officer, +47 94 82 58 36

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.

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act

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