Electromagnetic Geoservices ASA's ("EMGS" or the "Company") financial report for
the third quarter of 2025 is attached. No separate market presentation will be
published this quarter.
Summary:
* The Company recorded revenues of USD 0.1 million, down from USD 1.1 million in
the third quarter of 2024.
* Adjusted EBITDA (including capitalised multi-client expenses and vessel and
office lease expenses) of negative USD 6.3 million, down from negative USD 5.9
million in the third quarter of 2024.
* Free cash increased with USD 0.2 million during the quarter, to USD 3.7
million.
* Subsequent to the end of the quarter the OSCV Siem Day transaction was
terminated, without counterparty liabilities or payments for either party.
* The Atlantic Guardian was demobilized and prepared for redelivery, and
subsequently redelivered to its owner after quarter end
As of the reporting date, EMGS does not have a vessel under charter or in
operation. Consequently, the Company currently lacks the ability to generate new
acquisition revenues. EMGS does not have any acquisition backlog as of the
reporting date, and EMGS has low visibility with regard to potential new
contracts.
The Company is therefore likely to be dependent on securing additional financing
to continue as a going concern beyond the near term. No guarantees can be made
as to the Company's ability to secure such new financing, and any future
financing may be highly dilutive to existing shareholders and could result in
significant or total loss of equity value.
Contact
Anders Eimstad, Chief Financial Officer, +47 94 82 58 36
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.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.