Electromagnetic Geoservices ASA

Correction: EMGS - Board of directors approves audited financial statements and annual report for 2020

The board of directors of Electromagnetic Geoservices ASA ("EMGS" or the

"Company") has today approved EMGS' 2020 annual financial statements and annual

report.

There are no material changes to the financial statements compared to the

preliminary and unaudited full year results presented by the Company on 4

February 2021. The 2020 audit opinion from the Company's auditor, EY, is without

qualifications. However, it includes an emphasis of matter related to the

Company and the consolidated EMGS group operating with negative equity. For

further details, please refer to the annual report.

EMGS' annual report for 2020 is enclosed to this stock exchange notification.

Contact

Anders Eimstad, Chief Financial Officer, +47 948 25 836

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 exploration experts a clearer and more complete

understanding of the subsurface. This improves exploration efficiency and

reduces risks and the finding costs per barrel.

For more information, visit www.emgs.com

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act

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