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Delayed project

Reference is made to the stock exchange notification published by Electromagnetic Geoservices ASA ("EMGS" or the "Company") on 28 June 2019 wherein the Company announced it had been awarded a contract for a proprietary CSEM survey offshore Senegal and Mauritania.

EMGS has been advised by the customer that it has decided to postpone the project. It is EMGS’ understanding that the decision is based on the ongoing COVID-19 pandemic.

Start of acquisition was planned for March 2020. All further mobilisation activities will be stopped immediately.

EMGS does not expect that it will be possible to find alternative work for the vessel to replace the delayed project.

Contact
Anders Eimstad, EMGS Interim Chief Financial Officer, +47 948 25 836

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.

EMGS operates on a worldwide basis with offices in Trondheim, Oslo, Houston, Mexico City, Rio de Janeiro and Kuala Lumpur.

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