Board Change • May 20
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. 1 independent director (3 non-independent directors). Director Sasha Siem is the most experienced director on the board, commencing their role in 2025. Independent Director Marianne Hals was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. 공시 • Apr 29
P-2 Riggs Capital, Inc completed the acquisition of EM Business from Electromagnetic Geoservices ASA (OB:EMGS). P-2 Riggs Capital, Inc signed a non-binding term sheet to acquire EM Business from Electromagnetic Geoservices ASA (OB:EMGS) for $2.5 million on March 9, 2026. P-2 Riggs Capital, Inc entered into a binding transaction agreement to acquire EM Business from Electromagnetic Geoservices ASA (OB:EMGS) for $2.5 million on March 31, 2026. Under the terms of the transaction, $1 million is paid on closing and $1.5 million is a conditional earn-out subject to certain future conditions being met. Additionally, through the Transaction certain future liabilities which would otherwise accrue to EMGS will be taken over by NewCo and will consequently reduce EMGS' total liabilities post-closing of the Transaction. As part of the transaction EMGS will acquire EMGS' business operations and assets, including hardware, IPR, contractual positions and all of the Company's employees (EM Business) and EMGS will transfer its business operations and assets to one of its existing subsidiaries (NewCo), and then transfer ownership of NewCo to the buyer. EMGS's historical liabilities, including the convertible bond issue EMGS03, will not be transferred to NewCo. As part of the Transaction, NewCo will take over all rights to the name Electromagnetic Geoservices and EMGS. Consequently, the Company will in due course change its own name in accordance with the Agreement. The majority of the consideration to be paid to EMGS on closing of the Transaction will be used to settle certain pre-existing obligations related to the transferred employee group.
The buyer will conduct a legal, operational, and financial due diligence review of the EM Business. Completion of the transaction is subject to several conditions, including obtaining required consents and waivers from bondholders of EMGS. It is not expected that completion of the transaction will be subject to a general meeting vote by the shareholders of EMGS due to the time-sensitive nature of the transaction.
P-2 Riggs Capital, Inc completed the acquisition of EM Business from Electromagnetic Geoservices ASA (OB:EMGS) on April 29, 2026. 공시 • Mar 10
An undisclosed buyer signed a non-binding term sheet to acquire EM Business from Electromagnetic Geoservices ASA (OB:EMGS). An undisclosed buyer signed a non-binding term sheet to acquire EM Business from Electromagnetic Geoservices ASA (OB:EMGS) on March 9, 2026. As part of the transaction EMGS will acquire EMGS' business operations and assets, including hardware, IPR,
contractual positions and all of the Company's employees (EM Business) and EMGS will transfer its business operations and assets to one of its existing subsidiaries (NewCo), and then transfer ownership of NewCo to the buyer. EMGS's historical liabilities, including the convertible bond issue EMGS03, will not be transferred to NewCo.
The buyer will conduct a legal, operational, and financial due diligence review of the EM Business. Completion of the transaction is subject to several conditions, including obtaining required consents and waivers from bondholders of EMGS. It is not expected that completion of the transaction will be subject to a general meeting vote by the shareholders of EMGS due to the time-sensitive nature of the transaction. 공시 • Jan 12
Electromagnetic Geoservices ASA, Annual General Meeting, Jun 24, 2026 Electromagnetic Geoservices ASA, Annual General Meeting, Jun 24, 2026. 공시 • Jun 20
Electromagnetic Geoservices ASA Elects Board of Directors Electromagnetic Geoservices ASA at the Annual general meeting held on June 19, 2025, elected the new board of directors of the company, each of them for a service period of one year: Kenneth Ross (Chairman); Stig Tore Vangen; Glenn Pettersen; Marianne Engelsen Hals; Sasha Siem. 공시 • Jan 01
Electromagnetic Geoservices ASA, Annual General Meeting, Jun 19, 2025 Electromagnetic Geoservices ASA, Annual General Meeting, Jun 19, 2025. New Risk • Nov 08
New major risk - Negative shareholders equity The company has negative equity. Total equity: -US$4.6m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Negative equity (-US$4.6m). Earnings have declined by 6.8% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.3% average weekly change). Market cap is less than US$100m (€22.2m market cap, or US$23.8m). Reported Earnings • Aug 22
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: US$13.8m (up US$13.6m from 2Q 2023). Net income: US$3.65m (up US$6.82m from 2Q 2023). Profit margin: 27% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue.