EMGS: Contract award



Electromagnetic Geoservices ASA ("EMGS" or the "Company") is pleased to announce that the Company has been awarded a 3D CSEM contract in Southeast Asia. This is EMGS’s first CSEM data acquisition contract with this customer.

The Company expects that the acquisition will take place in the beginning of Q3 2021. The expected contract value is between USD 6 and 7 million, dependent on certain options for the customer.

The survey will be acquired using the Atlantic Guardian following the multi-client acquisition in Mexico. This will necessitate a rescheduling of the previously announced prefunded Utsira High multi-client survey in Norway until early Q4 2021.

Contact
Anders Eimstad, Chief Financial Officer, +47 94 82 58 36

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.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act