Reference is made to Electromagnetic Geoservices ASA's ("EMGS" or the "Company")
outstanding convertible bond issue Elec ASA 18/25 FRN USD FLOOR STEP C CONV
("EMGS03") issued under ISIN NO0010821010.
Under the bond terms for EMGS03, dated 9 May 2018 and as amended through an
amendment agreement dated 10 February 2022, the Interest Rate payable by the
Company consists of the Reference Rate plus the Margin (both as defined in the
bond terms). The Reference Rate refers, in principle, to 3M US-LIBOR.
The 3M US-LIBOR will not be available after 30 June 2023, and the Bond Trustee
and Issuer have therefore agreed to replace the existing reference rate with the
Compounded Daily SOFR plus a credit adjustment spread of 0.26161 per cent per
annum, to be effective from and including the interest period which ends in
November 2023.
Contact
Anders Eimstad, CFO, +47 948 25 836
This information is subject to the disclosure requirements in 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.