EMGS: Replacement of Reference Rate

Reference is made to Electromagnetic Geoservices ASA’s (“EMGS” or the “Company”) outstanding convertible bond issue Elec ASA 18/25 FRN USD FLOOR STEP C CONV (“EMGS03”) issued under ISIN NO0010821010.

Under the bond terms for EMGS03, dated 9 May 2018 and as amended through an amendment agreement dated 10 February 2022, the Interest Rate payable by the Company consists of the Reference Rate plus the Margin (both as defined in the bond terms). The Reference Rate refers, in principle, to 3M US-LIBOR.

The 3M US-LIBOR will not be available after 30 June 2023, and the Bond Trustee and Issuer have therefore agreed to replace the existing reference rate with the Compounded Daily SOFR plus a credit adjustment spread of 0.26161 per cent per annum, to be effective from and including the interest period which ends in November 2023.

Contact
Anders Eimstad, CFO, +47 948 25 836

This information is subject to the disclosure requirements in 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.