EMGS receives Letter of Award

Electromagnetic Geoservices ASA ("EMGS" or the "Company") is pleased to announce that the Company has received a letter of award for 3D CSEM and MT (magnetotelluric) multi-client survey in the Gulf of Mexico. The letter of award is issued by one of the Company’s existing clients and represents the first project for this customer in the Gulf of Mexico.

The Company expects that final contract execution will take place within the next several weeks. Based on the letter of award, the Company will mobilise the Atlantic Guardian for the project. EMGS expects the survey to take one to two months, commencing late Q1 2021.


Contact
Anders Eimstad, Chief Financial Officer, [phone]

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.

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