ELECTROMAGNETIC GEOSERVICES ASA

“The overall demand for EMGS’ services is dependent, in large part, on offshore oil and gas E&P budgets. Fleet status and utilisation As per the end of 2024, the Company chartered one vessel, the Atlantic Guardian.”

Annual report 2024A · The company itself

“EMGS’ vision is to make EM an integral part of the E&P workflow and make EM as fully adopted as seismic. By providing EM data integrated with other subsurface measurement, we enable our customers to reduce uncertainty and therefore increase success in their exploration and development programmes.”

Annual report 2024A · The company itself

“Important events in 2024 Multi-client investments The Company’s multi-client business continues to be an important part of the overall business, both in terms of revenues and in terms of marketing value as the Company can more freely commercialize 3D CSEM data with existing and new customers, resulting in longer potential revenue streams through “late sales”. In 2024, revenues from multiclient sales amounted to 94% of total revenues, up from 90% in 2023.”

Annual report 2024A · The company itself

“Our clients see significant benefits in using electromagnetic surveys in addition to seismic surveys, which are based on acoustic wave technology. By combining these datasets, the accuracy and efficiency of oil and gas exploration can be significantly improved.”

Annual report 2024A · The company itself

“Application of EM technology The services offered by EMGS are used in all stages of the offshore exploration and development cycle. Applications of EMGS’ technology include evaluating regional prospectivity, ranking identified prospects and appraisal of discoveries.”

Annual report 2024A · The company itself

“Over the past two decades EMGS has conducted over 900 surveys across most major mature and frontier basins in the world in water depths ranging from 20 to 3,600 metres for more than 150 customers.”

Annual report 2024A · The company itself

“In a typical year, the Group undertakes a mix of proprietary contract work and multi-client projects. International Oil Companies (IOCs) increasingly prefer the multi-client business model, whereby projects are funded in a consortium or with the expectation of future late sales National Oil Companies (NOCs) typically prefer to conduct proprietary work arrangements.”

Annual report 2024A · The company itself

“The overall demand for EMGS’ services is dependent, in large part, on offshore oil and gas E&P budgets. Fleet status and utilisation As per the end of 2024, the Company chartered one vessel, the Atlantic Guardian.”

Annual report 2024A · The company itself

“EMGS’ vision is to make EM an integral part of the E&P workflow and make EM as fully adopted as seismic. By providing EM data integrated with other subsurface measurement, we enable our customers to reduce uncertainty and therefore increase success in their exploration and development programmes.”

Annual report 2024A · The company itself

“Important events in 2024 Multi-client investments The Company’s multi-client business continues to be an important part of the overall business, both in terms of revenues and in terms of marketing value as the Company can more freely commercialize 3D CSEM data with existing and new customers, resulting in longer potential revenue streams through “late sales”. In 2024, revenues from multiclient sales amounted to 94% of total revenues, up from 90% in 2023.”

Annual report 2024A · The company itself

“Our clients see significant benefits in using electromagnetic surveys in addition to seismic surveys, which are based on acoustic wave technology. By combining these datasets, the accuracy and efficiency of oil and gas exploration can be significantly improved.”

Annual report 2024A · The company itself

“Application of EM technology The services offered by EMGS are used in all stages of the offshore exploration and development cycle. Applications of EMGS’ technology include evaluating regional prospectivity, ranking identified prospects and appraisal of discoveries.”

Annual report 2024A · The company itself

“Over the past two decades EMGS has conducted over 900 surveys across most major mature and frontier basins in the world in water depths ranging from 20 to 3,600 metres for more than 150 customers.”

Annual report 2024A · The company itself

“Marine minerals The electrification of society is an important part of the energy transition. In its “net zero 2050” scenario, Net Zero by 2050 A Roadmap for the Global Energy Sector (2021), the International Energy Association (IEA) forecasts a significant increase in the demand for minerals that are key components in the electrification supply chain, such as lithium, copper, and cobalt. Currently, these minerals are mined onshore, but it is expected that mineral deposits on or beneath the seafloor, called “marine minerals,” are likely to play an important role in meeting this demand in the coming years and decades.”

Annual report 2024A · The company itself

“There are three main categories of marine minerals: nodules, crusts, and Seafloor Massive Sulfides (SMS). Most of the marine mineral deposits discovered to date are at the seabed in ultra-deep waters. Within the Norwegian Exclusive Economic Zone (EEZ) both crusts and SMSs have been discovered in the area of the mid-Atlantic spreading ridge.”

Annual report 2024A · The company itself

“Part of EMGS’ strategy is to undertake a mix of proprietary and multi-client projects with a flexible and scalable operating model. This is enabled by maintaining an asset-light operating model, including chartering vessels from thirdparty vessel owning companies.”

Annual report 2024A · The company itself

“Marine minerals The electrification of society is an important part of the energy transition. In its “net zero 2050” scenario, Net Zero by 2050 A Roadmap for the Global Energy Sector (2021), the International Energy Association (IEA) forecasts a significant increase in the demand for minerals that are key components in the electrification supply chain, such as lithium, copper, and cobalt. Currently, these minerals are mined onshore, but it is expected that mineral deposits on or beneath the seafloor, called “marine minerals,” are likely to play an important role in meeting this demand in the coming years and decades.”

Annual report 2024A · The company itself

“In addition, CSEM data can provide information on shallow subsurface resistivity which is important in marine mineral exploration and could also prove to be valuable in offshore wind turbine and cable placement and a range of other geotechnical applications.”

Annual report 2024A · The company itself

“Seasonality Adverse weather conditions, including ice and winter conditions offshore, can result in lost time when vessels are forced to remain in dry dock, relocate and/or reduce activity. In addition, the Group’s operational results fluctuate from quarter to quarter because of oil and gas companies’ spending patterns and/or as related to licensing rounds in Norway and abroad.”

Annual report 2024A · The company itself

“Currency fluctuations Currency transaction exposure occurs to some extent during the ordinary course of business and when the relevant exchange rates change between the date of a transaction and the date of the final payment for the transaction. The Group records such gains or losses in the financial income and expenses line item of its consolidated income statement.”

Annual report 2024A · The company itself