Letter of Intent results in fully prefunded multi-client survey in Norway

    Letter of Intent results in fully prefunded multi-client survey in Norway 

Reference is made to the stock exchange notification published by Electromagnetic Geoservices ASA ("EMGS" or the "Company") on 9 February 2024, wherein EMGS announced that the Company had received a Letter of Intent from Equinor for a fully prefunded multi-client survey in the North Sea.

The Company is pleased to announce that the survey has now been awarded, with a contract value of approximately USD 2.0 million.

The fully prefunded survey is expected to commence early March 2024.

Contact
Anders Eimstad, CFO, [phone]

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.