Q4 2021 RESULTS

Oslo, 3rd February 2022

Bjørn Petter Lindhom, CEO Anders Eimstad, CFO

Disclaimer

This quarterly presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. Such forward-looking information and statements are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for Electromagnetic Geoservices ASA (EMGS) and its subsidiaries. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for the EMGS' businesses, oil prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time. Although Electromagnetic Geoservices ASA believes that its expectations and the information in this Report were based upon reasonable assumptions at the time when they were made, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in this Report. Electromagnetic Geoservices ASA nor any other company within the EMGS Group is making any representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the information in the Report, and neither Electromagnetic Geoservices ASA, any other company within the EMGS Group nor any of their directors, officers or employees will have any liability to you or any other persons resulting from your use of the information in the Report. Electromagnetic Geoservices ASA undertakes no obligation to publicly update or revise any forward-looking information or statements in the Report.

Q4 2021

Operational highlights for the quarter

Atlantic Guardian completed fully funded multi-client project in the North Sea
Vessel utilisation for the fourth quarter 2021 was 44% compared with 0% in the corresponding quarter in 2020
Vessel entered warm-stack mid-November

Financial highlights for the quarter

Significant improvement in financial results, and turning negative profitability in 2020 to positive in 2021
Revenues of USD 5.1 million, up 27% from USD 4.0 million in 4Q 2020
Operating profitability during the quarter resulted in EBITDA of USD 2.7 million, up 65% from the same quarter in 2020
Adjusted EBITDA of USD 0.4 million is down 46% from 4Q 2020 given higher operational activity. YTD for the full year (unaudited) Adjusted EBITDA was USD 11 million, up from negative USD 3.3 million in 2020
2 nd Bond buy-back with an aggregate nominal value of USD 4.0 million, reducing the outstanding bond to USD 24.5 million
Year end free cash balance of USD 9.9 million

Subsequent events

Several licenses offered in Norway's 2021 APA License round with EM commitments
Proposal to extend Senior Unsecured Convertible Bond (EMGS03) by 24 months to May 2025, sent to bondholders and is expected to be approved, given indicated support by major bondholders

Operations, Market and Outlook

2021 Operational lookback

First full year operating with the new flexible business model
Completed 3 acquisition projects
- Mexican Ridges fully funded Multi-Client project with recognized revenue of USD 7.2 million
- Southeast Asia proprietary project with both exploration and appraisal objectives and USD 7.3 million in revenue
- Utsira High fully funded Multi-Client project with USD 2.7 million in revenue
Safe and efficient operations without safety incidents and with very low technical downtime despite implementing new flexible crew model
No delays in vessel operations due to Covid-19
Vessel utilization for 2021 at 32%
- Warm-stack at beginning and end of year
- Long transits

2021 Financial lookback

Significant improvement in financial results, and turning negative profitability in 2020 back to positive in 2021
- Revenue of USD 28.9 million (unaudited). Up from USD 24.9 million (audited) in 2020
- Full year adjusted EBITDA USD 11 million (unaudited). Up from negative USD 3.3 million (audited) in 2020
- Net income USD 4.9 million (unaudited). Up from negative USD 23.4 million (audited) in 2020
Two separate bond buy-backs with an aggregate nominal value of USD 8.0 million
- Reducing the Convertible Bond Loan from approx. USD 32.5 million to approx. USD 24.5 million
- Significant improvement to the balance sheet in 2021

• Year end free cash balance of USD 9.9 million

Multi-Client Library continues to perform

150,000 km² 3D EM data in Norway, Mexico, Brazil, USA, Canada, Uruguay and Indonesia
Current book value USD 2.4 million
2021 full year Multi-Client revenue of USD 15.9 million (up 106% YoY), including:
- Multi-Client revenues from Norway, Mexico and Brazil
- USD 5.8 million in Late Sales (27% YoY growth)
- USD 10.2 million Prefunding (216% YoY growth)
- EMGS will continue to invest in new multi-client projects on the Norwegian Continental Shelf and internationally

Prefunding Late Sales & Uplifts

Annual Multi-Client Revenue (MUSD)

2021 vessel opportunities

Norway

• Planning for several Multi -Client projects on the NCS

Canada

• Preparing for multi -client program offshore East -Canada. Environmental Impact Assessment initiated

Caribbean/South America

• Opportunities for both exploration and appraisal surveys in deep water

Southern Africa

• Namibia proprietary/multi -client program

Atlantic Guardian

Fourth quarter 2021 performance I Development in revenues and EBITDA

Key financial metrics Quarterly development (USD million)

Revenues
- USD 5.1 million total revenue
- USD 3.8 million in multi-client revenue
Vessel utilisation of 44%
- Atlantic Guardian successfully completed fully funded multi-client survey in the North Sea before entering warm-stack in mid-November
EBITDA
- USD 2.7 million
- Adjusted EBITDA* of USD 0.4 million

*Adjusted EBITDA includes capitalised multi-client expenses and vessel and office lease expenses

Proposed Extension of Convertible Bond

EMGS has proposed to the bondholders to extend the maturity
- 24 month extension from May 2023 to May 2025
- Increase the interest margin by 100 bps from 5.5 per cent to 6.5 per cent
Bondholders with a sufficient majority to approve the proposal have indicated they intend to vote in favour of the proposal

Bond Buy-Back

Operational costs

Quarterly operational cost base* development (USD million)

Comments

Operational costs base in Q4 21 of USD 4.7 million
- USD 0.4 million lower than Q3 21

Other operational expenses and employee expenses remain consistently low
Combined Charter hire, fuel and crew expenses and capitalised multi-client expense consistent with previous quarter
Vessel and office lease expense lower than the previous quarter due to reduced vessel lease during warm-stack
- Atlantic Guardian warm-stacked mid-November

*Cost base is defined as operational costs (charter hire etc, employee expenses, other operating expenses) plus MC investments and vessel and office lease payments presented as financial leases from 1 January 2019, restructuring charges and other extraordinary items

Charter hire, fuel and crew expenses
Vessel and office lease expenses
Other operational expenses
Employee expenses

Decrease in free cash in Q4 2021

Net decrease in free cash of USD 4.8 million to USD 9.9 million
- Positive Adjusted EBITDA of USD 0.4 million
- MC investment of USD 0.8 million in the North Sea
- 2 nd USD 3.0 million bond buy-back in 2021
- Vessel and office leases USD 1.5 million

Q & A

Please e-mail questions to: [email protected]

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