EMGS receives Letter of Intent for fully prefunded multi-client survey in Norway

February 9, 2024

Electromagnetic Geoservices ASA (“EMGS” or the “Company”) is pleased to announce that the Company has received a Letter of Intent from Equinor for a fully prefunded multi-client survey in the North Sea.

The survey is expected to have a contract value of approximately USD 2.0 million.

Subject to a binding contract being entered into, the fully prefunded survey is expected to commence early March 2024.


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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