As described in Electromagnetic Geoservices ASA (the "Company" or "EMGS") annual
reports, including the 2018 annual report, the Company has been involved in
litigation related to a Municipal Services Tax (ISS) claim in Brazil. EMGS has
previously deposited the disputed amount into a judicial escrow account in
Brazil.
The Company is pleased to announce that a final verdict in the matter has now
been delivered by the Brazilian courts. The court has found in EMGS' favour.
Consequently, the escrowed amount including accrued interest, has been released
to the Company.
The release will, following payment of legal fees and certain tax costs related
to the released amount, increase the Company's free cash position by approx.
MUSD 3.7. At the same time, the non-current restricted cash position will be
reduced to zero.
Contact
Hege Veiseth, EMGS Chief Financial Officer, +47 992 16 743
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.
EMGS operates on a worldwide basis with offices in Trondheim, Oslo, Houston,
Mexico City, Rio de Janeiro and Kuala Lumpur.
For more information, visit www.emgs.com (http://www.emgs.com)
This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act