Electromagnetic Geoservices ASA (the “Company” or “EMGS”) releases information on vessel activity and multi-client sales during the quarter approximately 4-5 working days after the close of each quarter. The Company defines vessel utilisation as the percentage of the vessel charter period spent on proprietary or multi-client data acquisition. Downtime (technical or maritime), mobilisation, steaming, and some standby activities are not included in the utilisation rate. The Atlantic Guardian was redelivered t ...

Core Viewpoint - Electromagnetic Geoservices ASA (EMGS) is facing a need for additional funding to sustain operations and is exploring various restructuring options to preserve stakeholder value [1][2]. Financial Situation - The company has outstanding interest-bearing debt of USD 19.5 million under the convertible bond issue EMGS03, and the current capital structure is deemed unsustainable based on activity levels and outlook [2]. - The company is evaluating the potential conversion of the EMGS03 convertible bonds into new equity, which could lead to significant dilution for existing shareholders if executed at or below the current market price [3]. Strategic Alternatives - EMGS is assessing all available strategic and financial alternatives, including the possibility of a full conversion of the EMGS03 bonds, although there is no guarantee of obtaining the necessary consent from bondholders for such a resolution [4]. - Even if a conversion is successfully completed, it may not be sufficient to establish a financially sustainable long-term solution for the company [4]. Company Overview - EMGS is a leader in the marine electromagnetic (EM) market, utilizing proprietary technology to assist oil and gas companies in offshore hydrocarbon exploration [7]. - The company's services enhance exploration efficiency and reduce finding costs per barrel by integrating EM data with seismic and geological information [7].

Core Insights - EMGS reported revenues of USD 0.1 million for Q3 2025, a significant decrease from USD 1.1 million in Q3 2024 [1] - The adjusted EBITDA for the company was negative USD 6.3 million, worsening from negative USD 5.9 million in the same quarter of the previous year [1] Financial Performance - Free cash increased by USD 0.2 million during the quarter, reaching a total of USD 3.7 million [2] - The OSCV Siem Day transaction was terminated post-quarter without any liabilities or payments for either party [2] - The Atlantic Guardian was demobilized and redelivered to its owner after the quarter ended [2] Operational Status - As of the reporting date, EMGS has no vessels under charter or in operation, limiting its ability to generate new acquisition revenues [2] - The company currently has no acquisition backlog and low visibility regarding potential new contracts [2] Future Outlook - EMGS is likely to depend on securing additional financing to continue operations beyond the near term [3] - There are no guarantees regarding the company's ability to secure new financing, which may be highly dilutive to existing shareholders [3] Company Overview - EMGS is a leader in the marine electromagnetic market, utilizing proprietary technology to assist oil and gas companies in offshore hydrocarbon exploration [4] - The company's services enhance exploration efficiency and reduce risks and costs associated with finding hydrocarbons [4] - EMGS is also exploring early-stage initiatives to position itself in the marine mineral deposits market [4]

Core Insights - The Company, Electromagnetic Geoservices ASA (EMGS), reported a vessel utilization rate of 24% for Q3 2025, a significant decrease from 40% in Q3 2024 [2] - EMGS had one vessel, the Atlantic Guardian, which completed prefunded multi-client surveys in the North Sea and is set to be redelivered on October 20, 2025 [2] - The Company does not anticipate any multi-client revenue for Q3 2025, expecting to recognize revenue from the North Sea surveys in Q4 2025 [4] Vessel Activity - At the end of Q3 2025, EMGS operated one vessel, recording 3.0 vessel months, consistent with the 3.0 vessel months recorded in Q3 2024 [3] Financial Reporting - EMGS plans to publish its Q3 2025 financial results on November 6, 2025, prior to 07:30 local time in Norway, with a recorded presentation available online [5] Company Overview - EMGS is a leader in the marine electromagnetic (EM) market, utilizing proprietary technology to assist oil and gas companies in offshore hydrocarbon exploration [7] - The Company's services enhance exploration efficiency and reduce risks and finding costs per barrel by integrating EM data with seismic and other geological information [7]

Core Insights - The Company, Electromagnetic Geoservices ASA (EMGS), provides updates on vessel activity and multi-client sales approximately 4-5 working days after each quarter ends [1] - The Company defines vessel utilization as the percentage of the vessel charter period spent on data acquisition, excluding downtime and other non-productive activities [1] Vessel Activity - At the end of Q2 2025, the Company had one vessel, the Atlantic Guardian, which completed two proprietary surveys in India and is now transitioning to Norway for three fully prefunded multi-client surveys valued at USD 2.7 million [2] - The vessel utilization for Q2 2025 was 44%, a decrease from 51% in Q2 2024 [2] Financial Performance - EMGS recorded 3.0 vessel months in Q2 2025, consistent with Q2 2024 [3] - The Company anticipates approximately USD 200,000 in multi-client late sales for Q2 2025 [4] - EMGS will release its Q2 2025 financial results on August 13, 2025, prior to 07:30 local time in Norway [4] Company Overview - EMGS is a leader in the marine electromagnetic (EM) market, utilizing proprietary EM technology to assist oil and gas companies in offshore hydrocarbon exploration [6] - The Company supports all stages of the workflow, from survey design to data interpretation, enhancing exploration efficiency and reducing costs [6] - CSEM technology is also applicable for detecting marine mineral deposits and in various offshore construction and exploration activities [6]

Core Viewpoint - The annual general meeting of Electromagnetic Geoservices ASA (EMGS) is scheduled for June 19, 2025, in Oslo, Norway, where key company reports will be presented [1]. Company Overview - EMGS is a leader in the marine electromagnetic (EM) market, utilizing proprietary EM technology to assist oil and gas companies in offshore hydrocarbon exploration [2]. - The company supports the entire workflow from survey design to data interpretation, integrating EM data with seismic and geological information to enhance exploration efficiency and reduce costs [2]. - EMGS's CSEM technology is also applicable for detecting marine mineral deposits, particularly Seabed Massive Sulphides, and the company is exploring early-stage initiatives in this emerging market [2].

Core Viewpoint - EMGS has shown significant financial improvement in Q1 2025, with a notable increase in revenues and adjusted EBITDA compared to previous periods [1][2]. Financial Performance - The Company recorded revenues of USD 10.0 million in Q1 2025, a substantial increase from USD 0.2 million in Q1 2024 and a slight increase from USD 9.7 million in Q4 2024 [1]. - Adjusted EBITDA for the Company was USD 2.0 million in Q1 2025, recovering from a negative USD 3.8 million in Q1 2024 [1]. Cash Flow and Investments - Free cash decreased by USD 3.1 million during the quarter, bringing the total to USD 6.0 million [2]. - The Atlantic Guardian completed the first of two proprietary acquisitions in India and began mobilization for the second acquisition during the quarter [2]. Strategic Developments - On May 6, 2025, EMGS announced the establishment of a new business platform within offshore subsea construction through the acquisition of the OSCV Siem Day [2]. Company Overview - EMGS is a leader in the marine electromagnetic market, utilizing proprietary technology to assist oil and gas companies in offshore hydrocarbon exploration [4]. - The Company integrates electromagnetic data with seismic and other geological information to enhance exploration efficiency and reduce costs [4]. - EMGS is also exploring early-stage initiatives to position itself in the marine mineral market, particularly in detecting seabed mineral deposits [4].

Core Viewpoint - EMGS has successfully amended the terms and extended the maturity date of its outstanding bond issue, EMGS03, as resolved by Nordic Trustee AS [1]. Company Overview - EMGS is a leader in the marine electromagnetic (EM) market, utilizing proprietary EM technology to assist oil and gas companies in offshore hydrocarbon exploration [4]. - The company supports various stages of the exploration workflow, including survey design, data acquisition, processing, and interpretation [4]. - EMGS's services facilitate the integration of EM data with seismic and other geophysical and geological information, enhancing exploration efficiency and reducing costs per barrel [4]. - Additionally, CSEM technology is employed to identify marine mineral deposits and is applicable in offshore construction and exploration activities [4].

Core Insights - EMGS published its audited financial statements and annual report for 2024 on April 24, 2025, with the European Single Electronic Format (ESEF) report expected to be available around April 29, 2025 [1]. Company Overview - EMGS is a leader in the marine electromagnetic (EM) market, utilizing proprietary EM technology to assist oil and gas companies in offshore hydrocarbon exploration [3]. - The company supports all stages of the exploration workflow, including survey design, data acquisition, processing, and interpretation, which enhances exploration efficiency and reduces finding costs per barrel [3]. - EMGS's CSEM technology is also capable of detecting marine mineral deposits, particularly Seabed Massive Sulphides, and the company is exploring early-stage initiatives to enter this emerging market [3].