Electromagnetic Geoservices ASA

EMGS Partners with Velocitas Geo Solutions for OBN Seismic Survey in Norway

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

that it has entered into an agreement for a fully pre-funded Ocean Bottom Node

(OBN) seismic survey in the Barents Sea. This survey, which will be undertaken

in collaboration with Velocitas Geo Solutions, marks EMGS' first venture into

seismic node projects.

The survey, set to commence in the third quarter of 2024, will be conducted

using the Atlantic Guardian and is expected to take approximately two weeks to

complete. The total contract value, prior to revenue share, is approximately USD

1.0 million.

EMGS aims to leverage this project to gain experience and evaluate the potential

of incorporating seismic node services into its portfolio. This move aligns with

the Company's strategy to diversify its offerings and enhance vessel

utilization.

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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