EMGS Electromagnetic GeoServices AS

EMGS: Board of directors approves audited financial statements and annual report for 2019

EMGS: Board of directors approves audited financial statements and annual report for 2019

The board of directors of Electromagnetic Geoservices ASA (“EMGS” or the “Company”) has today approved EMGS’ 2019 annual financial statements and annual report.



There are no material changes to the financial statements compared to the preliminary and unaudited full year results presented by the Company on 6 February 2020. The 2019 audit opinion from the Company’s auditor, EY, is without qualifications. However, it includes an emphasis of matter related to material uncertainty pertaining to the going concern assumption. For further details regarding the going concern assumption, please refer to the annual report.

As further described as subsequent events in the annual report, based on the recent market and operational developments the Company has resolved to make the following two impairments in the first quarter of 2020:

*The book value of the multi-client library has been impaired by USD 0.8 million, due to a reduction in expected future revenue.

*The book value of the DeepBlue system has been reduced from USD 22.5 million at year end 2019 to USD 16.8 million at end of the first quarter of 2020.



EMGS’ annual report for 2019 is enclosed to this stock exchange notification.



Contact

Anders Eimstad, EMGS Interim Chief Financial Officer,



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 exploration experts a clearer and more complete understanding of the subsurface. This improves exploration efficiency and reduces risks and the finding costs per barrel.



For more information, visit

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

Attachment

EN
30/04/2020

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