Electromagnetic Geoservices ASA

EMGS reports fourth quarter 2022 results

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

market presentation for the fourth quarter of 2022 are attached.

Highlights:

* The Company recorded revenues of USD 15.2 million, up from USD 5.1 million in

the fourth quarter of 2021 and up from USD 6.6 million in the third quarter of

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

office lease expenses) of USD 8.2 million, up from USD 0.4 million in the fourth

quarter of 2021.

* Free cash increased with USD 56 thousand during the quarter, to USD 11.4

million.

* Trade receivables at the end of the quarter were USD 7.9 million.

* The Atlantic Guardian is currently in warm-stack in Norway.

A pre-recorded presentation will be available over the internet from 20:00

(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. 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 of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

AI Terminal