Electromagnetic Geoservices ASA’s (“EMGS” or the “Company”) financial report and market presentation for the second quarter of 2021 are attached.

Highlights:

* The Company recorded revenues of USD 9.4 million, up from USD 7.5 million in the second quarter of 2020 and up from USD 1.6 million in the first quarter of 2021.

* Adjusted EBITDA (including capitalised multi-client expenses and vessel and office lease expenses) of USD 4.6 million, up from negative USD 2.0 million in the second quarter of 2020.

* Free cash increased with USD 1.1 million during the quarter, to USD 13.2 million.

* Subsequent to the end of the second quarter 2021, EMGS completed the proprietary survey in Southeast Asia and has started transit back to Norway for a fully prefunded multi-client survey.

* In July 2021, EMGS completed a partial voluntary bond buy-back with a total nominal value of USD 4.0 million, resulting in annualised interest expense savings of approximately USD 200 thousand.

CEO of EMGS, Bjørn Petter Lindhom, comments: “We are very pleased with having delivered a strong second quarter. We are beginning to see the benefits of our shift to a more flexible business and operational model. I am very grateful to our onshore and offshore personnel for continuing to deliver above and beyond. We will continue to invest in financially attractive multi-client programs, while also realising the value of our existing multi-client library though additional late sales. I am therefore particularly pleased to note the USD 3.6 million in late sales announced after the close of the second quarter.”

Contact

Anders Eimstad

Chief Financial Officer, +47 94 82 58 36