Electromagnetic Geoservices ASA

Report Publication Announcement • Apr 7, 2020

EMGS: Vessel update and activity for the first quarter 2020

EMGS: Vessel update and activity for the first 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.

Vessel utilisation for the first quarter 2020 was 26% compared with 11% for the

first quarter in 2019.

In the first quarter of 2020, the Company's vessels were allocated 20% to

proprietary work and 6% was spent on multi-client projects. In the comparable

quarter of 2019, the vessels were allocated 11% to proprietary work and no time

was spent on multi-client projects.

EMGS had two vessels in operation and recorded 6.0 vessel months in the quarter.

In the first quarter 2019, the Company recorded 6.0 vessel months.

Vessel activity

The Atlantic Guardian spent the beginning of the first quarter completing the

confirmed work for Pemex in Mexico. The vessel then transited in preparation for

a proprietary survey offshore Mauritania and Senegal. Upon notification by the

customer that the project was postponed, the Atlantic Guardian started transit

towards Norway for an eventual cold stack. The Company has subsequently been

notified by the customer that the project is terminated, and the Company will

receive a contractual fee of approx. USD 2 million in this connection. The

vessel's utilisation for the first quarter was 40%.

The Petrel Explorer (formerly Thalassa) started the first quarter transiting

towards Mexico in preparation for additional acquisition work connected to the

two-year acquisition contract. Upon notification by the customer that no

additional acquisition work would be forthcoming in the near to medium future,

the Petrel Explorer transited to Norway to begin acquisition on a prefunded

multi-client survey in Norway.  The vessel's utilisation for the first quarter

was 11%.

Multi-client revenues in the fourth quarter

The Company expects to record approximately USD 0.2 million in multi-client

revenues for the first quarter 2020.

EMGS will publish its first quarter 2020 financial results on Thursday 7 May

2020 at 07:30 Norwegian time. A presentation will be broadcasted live over the

Internet, starting at 10:00 Norwegian time. 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, EMGS Interim 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