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Correction: EMGS: Reports fourth quarter 2020 results

Written by Customer Service on . Posted in Public Companies.

Electromagnetic Geoservices ASA’s (“EMGS” or the “Company”) financial report and market presentation for the fourth quarter of 2020 are attached. Highlights: * The Company recorded revenues of USD 4.0 million, down from USD 37.2 million in the fourth quarter of 2019 and up from USD 2.1 million in the third quarter of 2020. * As of 2 February 2021, USD 7.3 million held in a pledge account has been released and is now moved from restricted cash to cash and cash equivalents.  EMGS expect, upon reaching certain conditions, to issue a time-limited guarantee, secured by cash in a pledged account, in the amount of approximately USD 3.6 million. * Subsequent to the end of the fourth quarter 2020, EMGS received payment in the amount of USD 3.9 million related to significantly past due receivables totalling USD 5.0 million as of 31 December 2020.  Correction: material attached.

A recorded presentation will be available over the internet from 10:00 (local time Norway) today. To access the presentation, please go to the Company’s homepage (www.emgs.com) and follow the link.

Contact
 Anders Eimstad, Chief Financial Officer, +47 94 82 58 36 This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading ActAttachmentsFourth quarter Report 2020_FinalFourth quarter Presentation 2020_Final

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