Electromagnetic Geoservices : Q1 2021 Presentation

Q1 2021 RESULTS

Oslo, 12th May 2021

Bjørn Petter Lindhom, CEO Anders Eimstad, CFO

Disclaimer

This quarterly presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. Such forward-looking information and statements are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for Electromagnetic Geoservices ASA (EMGS) and its subsidiaries. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for the EMGS' businesses, oil prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time. Although Electromagnetic Geoservices ASA believes that its expectations and the information in this Report were based upon reasonable assumptions at the time when they were made, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in this Report. Electromagnetic Geoservices ASA nor any other company within the EMGS Group is making any representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the information in the Report, and neither Electromagnetic Geoservices ASA, any other company within the EMGS Group nor any of their directors, officers or employees will have any liability to you or any other persons resulting from your use of the information in the Report. Electromagnetic Geoservices ASA undertakes no obligation to publicly update or revise any forward-looking information or statements in the Report.

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Q1 2021

Operational highlights

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Successful mobilisation of the Atlantic Guardian after extended period in cold-stack

Release of USD 7.3 million held in pledged account Payment of all past due invoices related to Pemex project received

• Contract award for proprietary survey in Southeast Asia

Financial highlights

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Revenues of USD 1.6 million

EBITDA of negative USD 58 thousand Adjusted EBITDA negative USD 1.5 million

Subsequent events

Completion of multi-client project in Mexico Commencement of transit to Southeast Asia

Operations, Market and Outlook

Mexico Multi-Client project completed

• Fully prefunded Multi-Client 3D CSEM project completed on time
• • Significant challenges due to the ongoing Covid-19 pandemic
  • Minimal technical downtime despite vessel being cold-stacked for a long period of time
  • Limited weather-related downtime
• Survey consisted of 3 small 3D CSEM surveys and one regional 2D line in the Mexican Ridges area
• EMGS expects to recognize revenues of approximately USD 7 million in the 2nd Quarter
• Vessel has departed Mexico and is in route to the next project in Southeast Asia with an expected startup in early July