EMGS reports fourth quarter 2022 results

06 Feb 2023 20:00 CET

Electromagnetic Geoservices ASA's ("EMGS" or the "Company") financial report and
market presentation for the fourth quarter of 2022 are attached.

Highlights:

* The Company recorded revenues of USD 15.2 million, up from USD 5.1 million in
the fourth quarter of 2021 and up from USD 6.6 million in the third quarter of
2022.

* Adjusted EBITDA (including capitalised multi-client expenses and vessel and
office lease expenses) of USD 8.2 million, up from USD 0.4 million in the fourth
quarter of 2021.

* Free cash increased with USD 56 thousand during the quarter, to USD 11.4
million.

* Trade receivables at the end of the quarter were USD 7.9 million.

* The Atlantic Guardian is currently in warm-stack in Norway.

A pre-recorded presentation will be available over the internet from 20:00
(local time Norway) today. To access the presentation, please go to the
Company's homepage (www.emgs.com (http://www.emgs.com)) and follow the link.

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. 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.


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

More information:
Access the news on Oslo Bors NewsWeb site

581480_EMGS Q4 2022 Final.pdf
581480_Q4 2022 Report.pdf