Siem Investments S.à.r.l. has on 27 December 2023 acquired 12,000,000 shares in Electromagnetic Geoservices ASA (“EMGS” or the “Company”).
Siem Investments S.à.r.l. is an entity closely associated with member of the board and primary insider (PDMR) of EMGS, Jørgen Westad.
Siem Investments S.à.r.l. owns, after this acquisition, a total of 43,327,467 shares in EMGS constituting 33% of the share capital and voting rights in EMGS. Siem Investments S.à.r.l. has consequently passed the 25% disclosure threshold.
Further details regarding the transaction are set out in the attached form.
Contact
Anders Eimstad, CFO, +47 948 25 836
This information is subject to the disclosure requirements in Regulation EU 596/2014 article 19 number 3 and the Norwegian Securities Trading Act § 5-12.
The stock exchange notification was published by Anders Eimstad, CFO, Electromagnetic Geoservices ASA.
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.
Attachment