EMGS publishes Buy-Back Offer Document related to voluntary buy-back offer for bonds issued under Elec ASA 18/25 FRN USD FLOOR STEP C CONV

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, TO U.S. NEWS WIRE SERVICES, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, HONG KONG, SINGAPORE OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. FURTHER RESTRICTIONS ARE APPLICABLE, AS DESCRIBED IN THE ATTACHED BUY-BACK OFFER DOCUMENT.

Reference is made to the stock exchange notification published by Electromagnetic Geoservices ASA (“EMGS” or the “Company”) on 12 December 2022 wherein the Company announced its intention to launch a voluntary, partial buy-back of bonds with an aggregate nominal value of USD 5,000,000 (subject to reductions or increases) under the Company’s outstanding bond issue Elec ASA 18/25 FRN USD FLOOR STEP C CONV.

EMGS has today published the attached Buy-Back Offer Document. All capitalised terms used and not defined in this stock exchange notification are references to those terms as defined in the Buy-Back Offer Document.

The Buy-Back is offered to all Bondholders on equal terms. The Buy-Back Offer Period will commence on 15 December 2022 at 09:00 CET and end on 22 December 2022 at 16:00 CET, and may be extended by EMGS at its own discretion.

Announcement of the result of the Buy-Back is expected on or about 23 December 2022 and the Buy-Back Settlement Date is expected to be on or about 27 December 2022.

Further details regarding the Buy-Back, including the tendering process and contact details for submission of the Bondholder Offer Form, are set out in the Buy-Back Offer Document.

Contact

Anders Eimstad, CFO,



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.

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

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