Electromagnetic Geoservices ASA

Quarterly Report • Jul 6, 2020

EMGS: Vessel update and activity for the second quarter 2020

EMGS: Vessel update and activity for the second quarter 2020

Electromagnetic Geoservices ASA (the "Company" or "EMGS") releases information

on vessel activity and utilisation 4-5 working days after the close of each

quarter. The Company defines vessel utilisation as the percentage of the vessel

charter period spent on proprietary or multi-client data acquisition. Downtime

(technical or maritime), mobilisation, steaming, and some standby activities are

not included in the utilisation rate.

As further described below, at the end of the second quarter 2020 the Company

had one vessel on charter, the Atlantic Guardian. The Atlantic Guardian is

currently cold stacked in Norway. Going forward, the Company intends to continue

to publish a trading update shortly after the end of each quarter, inter alia to

communicate multi-client sales during the relevant quarter.

Vessel utilisation for the second quarter 2020 was 23% compared with 73% for the

second quarter of 2019.

In the second quarter of 2020, the Company's vessels were allocated 0% to

proprietary work and 23% to multi-client projects. In the comparable quarter of

2019, the vessels were allocated 45% to proprietary work and 28% to multi-client

projects.

EMGS recorded 5.0 vessel months in the quarter. In the second quarter 2019, the

Company recorded 6.0 vessel months.

Vessel activity

During the quarter, the Atlantic Guardian transited to Norway and completed the

previously announced transit to Norway for cold stacking. The vessel's

utilisation for the second quarter was zero.

The Petrel Explorer (formerly Thalassa) completed acquisition of two multi-

client surveys on the Norwegian continental shelf, whereof one was prefunded,

and one was not. Following completion of these two surveys, the vessel was

demobilised and returned to the vessel owner at expiry of the charter period.

The vessel's utilisation for the second quarter was 56%.

Multi-client revenues in the second quarter

The Company expects to record approximately USD 5 million in multi-client

revenues for the second quarter 2020.

EMGS will publish its second quarter 2020 financial results on Thursday 23 July

2020 at 07:30 local time (Norway). A presentation will be broadcasted live over

the Internet, starting at 10:00 local time (Norway). To access the presentation,

please go to the Company's homepage (www.emgs.com (http://www.emgs.com)) and

follow the link.

Contact

Anders Eimstad, Chief Financial Officer, +47 948 25 836

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 exploration experts a clearer and more complete

understanding of the subsurface. This improves exploration efficiency and

reduces risks and the finding costs per barrel.

For more information, visit www.emgs.com (http://www.emgs.com)

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act