Reference is made to the stock exchange announcement published by Electromagnetic Geoservices ASA (the "Company") on 31 March 2026 announcing a binding agreement (the "Transaction Agreement") between EMGS and P-2 Riggs Capital, Inc. (as subsequently novated to Riggs Holdco AS, the "Buyer") for a transaction (the "Transaction") under which the buyer acquires the Company's business operations and assets, including hardware, IPR, contractual positions and all of the Company's employees (together, the "EM Business").
Completion of the Transaction under the Transaction Agreement has now occurred and the EM Business has been transferred to the Buyer. Consequently, the Company will no longer own and operate the EM Business going forward, and holds no material assets other than a limited cash position which does not exceed its total liabilities.
The board of directors intends to initiate a follow-on process to evaluate the future strategy and structure of the Company, and will provide an update once the board has concluded on its recommendation.
Under the terms of the Transaction Agreement, the former management of the company, CEO, Bjørn Petter Lindhom, and the CFO, Anders Eimstad, will continue as CEO and CFO for the continued EM Business acquired by the Buyer and deliver transitional services for a limited period to the seller. The Company expects to revert with an update as to the future management in the near term.
In accordance with the terms of the Transaction Agreement, the Company (and all of its subsidiaries) will, as soon as possible and at the latest within six months, change its name.
Contact
Anders Eimstad, +47 948 25 836
This information is published in accordance with the Norwegian Securities Trading Act § 5-12 and section 3.1 of Oslo Børs' Rule Book II for Issuers.
For more information, visit www.emgs.com
