EMGS Partners with Velocitas Geo Solutions for OBN Seismic Survey in Norway

08 Jul 2024 07:30 CEST

Electromagnetic Geoservices ASA ("EMGS" or the "Company") is pleased to announce
that it has entered into an agreement for a fully pre-funded Ocean Bottom Node
(OBN) seismic survey in the Barents Sea. This survey, which will be undertaken
in collaboration with Velocitas Geo Solutions, marks EMGS' first venture into
seismic node projects.

The survey, set to commence in the third quarter of 2024, will be conducted
using the Atlantic Guardian and is expected to take approximately two weeks to
complete. The total contract value, prior to revenue share, is approximately USD
1.0 million.

EMGS aims to leverage this project to gain experience and evaluate the potential
of incorporating seismic node services into its portfolio. This move aligns with
the Company's strategy to diversify its offerings and enhance vessel
utilization.

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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