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Electromagnetic Geoservices ASA (the “Company”) is the issuer of convertible bonds with ISIN NO 001 0821010 (the “Bonds”).
On 29 December 2021, the Company was notified that Siem Investments S.à r.l., of which Mr Jorgen Westad (a Non-Executive Director of the Company) is a director, transferred its interests in 95,470 Bonds to Siem Industries S.A., of which Mr Jorgen Westad is a director.
Further details regarding the above transfer are set out in the attached forms.
Anders Eimstad, CFO, +47 948 25 836
This information is subject to the disclosure requirements in Regulation EU 596/2014 article 19 number 3 and the Norwegian Securities Trading Act § 5-12.
The stock exchange notification was published by Anders Eimstad, CFO, Electromagnetic Geoservices ASA.
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.