Electromagnetic Geoservices ASA

Regulatory Filings • Oct 4, 2019

EMGS - Vessel update and activity for the third quarter 2019

EMGS - Vessel update and activity for the third quarter 2019

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 third quarter 2019 was 73% compared with 29% for the

third quarter in 2018.

In the third quarter of 2019, the Company's vessels were allocated 73% to

proprietary work and no time was spent on multi-client projects. In the

comparable quarter of 2018, the vessels were allocated 29% to multi-client

projects and no time was spent on proprietary work.

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

In the third quarter 2018, the Company also had two vessels on charter.

Vessel activity

The Atlantic Guardian commenced a proprietary survey for Pemex in Mexico on 25

July 2019. This survey is still ongoing. The vessel's utilisation for the third

quarter was 66%.

The BOA Thalassa spent the entire third quarter of 2019 acquiring EM data for

Petronas in South-East Asia. The vessel's utilisation for the third quarter was

79%.

Multi-client revenues in the third quarter

The Company expects to record approximately USD 6 million in multi-client

revenues for the third quarter 2019.

EMGS will publish its third quarter 2019 financial results on Thursday 7

November 2019 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

Hege Veiseth, EMGS Chief Financial Officer, +47 992 16 743

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.

EMGS operates on a worldwide basis with offices in Trondheim, Oslo, Houston,

Mexico City, Rio de Janeiro and Kuala Lumpur.

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