EMGS Receives Contract Related to Previously Announced Letter of Award for Survey in India

24 Mar 2025 18:00 CET

Reference is made to the stock exchange notification published by
Electromagnetic Geoservices ASA ("EMGS" or the "Company") on 15 January 2025
wherein EMGS announced that the Company had received a Letter of Award for a
CSEM survey in India.

The Company is pleased to announce that the final contract has now been signed.
Under the signed contract, the final contract value remains approximately USD
10 million, i.e. in accordance with the expectation under the Letter of Award.


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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