EMGS reports second quarter 2024 results

* The company posted revenue of USD 13.8 million, up from USD 0.2 million in the second quarter of 2023 and up from USD 0.2 million in the first quarter of 2024.

* Adjusted EBITDA (including capitalized multi-client costs and vessel and office lease costs) of USD 7.0 million, up from negative USD 1.8 million in Q2 2023.

* Free cash flow decreased $2.8 million to $5.9 million in the quarter.

* The Atlantic Guardian has completed the acquisition of its fully funded multi-client research business in Brazil and has begun the transition to Norway.

A pre-recorded presentation will be available online today from 21:00 (Norway local time). To access the presentation, visit the company’s homepage (www.emgs.com) and follow the link.

Contact
Anders Eimstad, Chief Financial Officer, +47 94 82 58 36

About EMGS
EMGS, the market leader in marine EM, uses its proprietary electromagnetic (EM) technology to support oil and gas companies in their search for offshore hydrocarbons. EMGS supports every stage of 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 exploration experts a clearer and more complete understanding of the subsurface. This improves exploration efficiency and reduces risk and discovery costs per barrel. CSEM technology can also be used to detect the presence of marine mineral deposits (primarily Seabed Massive Sulphides) and EMGS believes the technology can also be used to estimate the mineral content of such deposits. The company is taking early stage initiatives to position itself in this prospective market.

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

Attachments

• EMGS Q2 2024 Report

• EMGS Q2 2024 Presentation