EMGS - Vessel activity and multi-client sales update for the first quarter 2023

11 Apr 2023 19:30 CEST

Electromagnetic Geoservices ASA (the "Company" or "EMGS") releases information
on vessel activity and multi-client sales during the quarter approximately 4-5
working days after the close of each quarter. The Company defines vessel
utilisation as the percentage of the vessel charter period spent on proprietary
or multi-client data acquisition. Downtime (technical or maritime),
mobilisation, steaming, and some standby activities are not included in the
utilisation rate.

At the end of the first quarter 2023 the Company had one vessel on charter, the
Atlantic Guardian. The Atlantic Guardian was warm stacked for the entire
quarter.

The utilization for the first quarter was 0% compared with 0% for the first
quarter 2022.

EMGS had one vessel in operation and recorded 3.0 vessel months in the quarter.
In the first quarter 2022, the Company recorded 3.0 vessel months.


Multi-client revenues in the first quarter
The Company expects to record approximately USD 4.8 million in multi-client
revenues for the first quarter of 2023.

EMGS will publish its first quarter 2023 financial results on Friday 26 May
2023 prior to 07:30 local time (Norway). A recorded presentation will also be
made available over the Internet. 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, +47 948 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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