Electromagnetic Geoservices ASA

EMGS: Replacement of Reference Rate

Reference is made to Electromagnetic Geoservices ASA's ("EMGS" or the "Company")

outstanding convertible bond issue Elec ASA 18/25 FRN USD FLOOR STEP C CONV

("EMGS03") issued under ISIN NO0010821010.

Under the bond terms for EMGS03, dated 9 May 2018 and as amended through an

amendment agreement dated 10 February 2022, the Interest Rate payable by the

Company consists of the Reference Rate plus the Margin (both as defined in the

bond terms). The Reference Rate refers, in principle, to 3M US-LIBOR.

The 3M US-LIBOR will not be available after 30 June 2023, and the Bond Trustee

and Issuer have therefore agreed to replace the existing reference rate with the

Compounded Daily SOFR plus a credit adjustment spread of 0.26161 per cent per

annum, to be effective from and including the interest period which ends in

November 2023.

Contact

Anders Eimstad, CFO, +47 948 25 836

This information is subject to the disclosure requirements in 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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