The board of directors of Electromagnetic Geoservices ASA ("EMGS" or the "Company") has today approved EMGS' 2021 annual financial statements and annual report. There are no material changes to the financial statements compared to the preliminary and unaudited full year results presented by the Company on 3 February 2022.
The 2021 audit opinion from the Company's auditor, EY, is without qualifications. However, it includes an emphasis of matter related to the Company and the consolidated EMGS group operating with negative equity. For further details, please refer to the annual report.
EMGS' annual report for 2021 is enclosed to this stock exchange notification.
The annual report will be published in European Single Electronic Format (ESEF) on or about Monday 26 April 2022.
Contact
Anders Eimstad, Chief Financial Officer, +47 948 25 836
This information is published in accordance with the Norwegian Securities Trading Act § 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.
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