EMGS: Proposed changes to board of directors

Reference is made to the stock exchange notification published by Electromagnetic Geoservices ASA (“EMGS” or the “Company”) on 27 March 2020, wherein the Company announced that it had initiated a transition to a new low-cost set-up.



As part of this transition, the board of directors of EMGS has resolved to propose a number of changes to the organisation of the board, with a view to right sizing the board to reflect the new, smaller EMGS organisation as well as to make certain changes to the composition of the board. Furthermore, the board has resolved to discontinue employee elected representation at the board.



The board will therefore propose to the annual general meeting of the Company, scheduled for 19 June 2020 (the “AGM”), to resolve to amend the articles of association of the Company to reduce the minimum permitted number of board members to three.

To facilitate this transition, Ms Alexandra A. Herger (shareholder elected), Ms Marte V. Karlsen (employee elected) and Mr Jon Gunnar Solheim (employee elected) have all notified the Company that they will resign their positions as board members effective as of the AGM.



Subject to the proposed resolution by the AGM to allow for a board consisting of three directors, the nomination committee of EMGS has informed the Company that it will propose to the AGM that the following three persons are elected as the new board of directors, each for a term of one year:

* Ms Mimi Berdal, chairman of the board of directors. Ms Berdal currently serves as a member of the board of directors of EMGS.

* Mr Petteri Soininen, board member. Mr Soininen currently serves as chairman of the board of directors of EMGS.

* Mr Øyvind G. Bjørndal, board member. Mr Bjørndal currently serves as Chief Legal Counsel of EMGS until September 2020.  



Contact

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



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