Update on multi-client Letter of Intent

Update on multi-client Letter of Intent

Reference is made to the stock exchange notification published by Electromagnetic Geoservices ASA (“EMGS” or the “Company”) on 23 March 2019, announcing that the Company had received a multi-client letter of intent with an approximate value of USD 2.5 million.

EMGS and the customer, Spirit Energy Norway AS on behalf of the PL1031 license group, have today entered into a final contract under the letter of intent.

Following an extension of the scope of work, the final contract value is approximately USD 3.4 million.

The vessel Atlantic Guardian has started mobilisation for the survey. It is expected that acquisition will commence early April and be completed within the second quarter of 2019.

Hege Veiseth, CFO, +47 992 16 743