EMGS – Invitation to presentation of fourth quarter 2019 results

Electromagnetic Geoservices ASA (EMGS) will release its fourth quarter 2019 results on Thursday 06 February 2020. CEO Bjørn Petter Lindhom and CFO Anders Eimstad will present the results from 10:00 CET.

Update on multi-year acquisition contract

Reference is made to the stock exchange notification published by Electromagnetic Geoservices ASA ("EMGS" or the "Company") on 4 June 2019, wherein the Company informed that it had signed a two-year acquisition contract with PEMEX with a total value of approx. USD 73.3 million and a minimum value of approx. USD 29.3 million.

Vessel update and activity for the fourth quarter 2019

Electromagnetic Geoservices ASA (the “Company” or “EMGS”) releases information on vessel activity and utilisation 4-5 working days after the close of each quarter. The Company defines vessel utilisation as the percentage of the vessel charter period spent on proprietary or multi-client data acquisition. Downtime (technical or maritime), mobilisation, steaming, and some standby activities are not included in the utilisation rate.

Update from EMGS

Reference is made to Electromagnetic Geoservices ASA’s (“EMGS” or the “Company”) financial report for the third quarter of 2019, wherein the Company described delays in the approval and payment of invoices under an on-going acquisition contract in the Americas. Further details regarding the situation, and the potential consequences thereof in the event the Company is not able to resolve it, is set out in the 2019 third quarter financial report.

EMGS – Change of CFO

CFO of Electromagnetic Geoservices ASA (“EMGS” or the “Company”), Hege Veiseth, has resigned her position with the Company to pursue new challenges as CFO of Polaris Media ASA. Ms Veiseth joined EMGS in 2007 and has served as CFO since 2016.

EMGS third quarter 2019 presentation – link to webcast

Link to webcast