Reference is made to the stock exchange notification published by
Electromagnetic Geoservices ASA ("EMGS" or the "Company") on 27 February 2022
wherein EMGS announced its intention to propose a 24 month extension of the
maturity date (from May 2023 to May 2025) for the Company's outstanding bond
issue FRN Electromagnetic Geoservices ASA Senior Unsecured Convertible Bonds
2018/2023 ("EMGS03") as well as a 100 bps increase to the interest margin (over
the applicable reference rate) from 5.5 to 6.5 per cent.
EMGS has today instructed Nordic Trustee AS, as trustee for EMGS03, to issue the
attached summons for a written resolution to the bondholders of EMGS03.
Contact
Anders Eimstad, CFO, +47 948 25 836
This information is published in accordance with the Norwegian Securities
Trading Act ยง 5-12.
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 explorationists a clearer and more complete understanding of
the subsurface. This improves exploration efficiency and reduces risks and the
finding costs per barrel. CSEM technology can also be used to detect the
presence of marine mineral deposits (primarily Seabed Massive Sulphides) and
EMGS believes that the technology can also be used to estimate the mineral
content of such deposits. The Company is undertaking early-stage initiatives to
position itself in this future market.