Correction

EMGS - Board of directors approves audited financial statements and annual report for 2020

The board of directors of Electromagnetic Geoservices ASA (“EMGS” or the “Company”) has today approved EMGS’ 2020 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 4 February 2021. The 2020 audit opinion from the Company’s auditor, EY, is without qualifications. However, it includes an emphasis of matter related to the Company and the consolidated EMGS group operating with negative equity. For further details, please refer to the annual report.

EMGS’ annual report for 2020 is enclosed to this stock exchange notification.

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 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 www.emgs.com

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

Attachment

• EMGS Annual Report 2020