Reference is made to the stock exchange notifications published by
Electromagnetic Geoservices ASA ("EMGS" or the "Company") on 27 January 2022 and
1 February 2022, respectively, pertaining to EMGS' proposal to amend the terms
of the Company's outstanding bond issue FRN Electromagnetic Geoservices ASA
Senior Unsecured Convertible Bonds 2018/2023 ("EMGS03") to; (a) extend the
maturity date by 24 months (from May 2023 to May 2025); and (b) increase the
interest margin by 100 bps from 5.5 to 6.5 per cent (over the applicable
reference rate).
EMGS has today been notified by Nordic Trustee AS, as trustee for EMGS03, that
the proposed resolution has been resolved and adopted.
The notice from the written bondholders' resolution is attached to this release.
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.