Delayed project

Delayed project

Reference is made to the stock exchange notification published by Electromagnetic Geoservices ASA (“EMGS” or the “Company”) on 28 June 2019 wherein the Company announced it had been awarded a contract for a proprietary CSEM survey offshore Senegal and Mauritania.

EMGS has been advised by the customer that it has decided to postpone the project. It is EMGS’ understanding that the decision is based on the ongoing COVID-19 pandemic.

Start of acquisition was planned for March 2020. All further mobilisation activities will be stopped immediately.

EMGS does not expect that it will be possible to find alternative work for the vessel to replace the delayed project.

Anders Eimstad, EMGS Interim Chief Financial Officer, +47 948 25 836