Electromagnetic Geoservices ASA

Pre-Annual General Meeting Information • Feb 1, 2022

EMGS: Summons for Written Resolution of Bondholders

EMGS: Summons for Written Resolution of Bondholders

Reference is made to the stock exchange notification published by

Electromagnetic Geoservices ASA ("EMGS" or the "Company") on 27 February 2022

wherein EMGS announced its intention to propose a 24 month extension of the

maturity date (from May 2023 to May 2025) for the Company's outstanding bond

issue FRN Electromagnetic Geoservices ASA Senior Unsecured Convertible Bonds

2018/2023 ("EMGS03") as well as a 100 bps increase to the interest margin (over

the applicable reference rate) from 5.5 to 6.5 per cent.

EMGS has today instructed Nordic Trustee AS, as trustee for EMGS03, to issue the

attached summons for a written resolution to the bondholders of EMGS03.

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.