Electromagnetic Geoservices ASA

Earnings Release • Jul 4, 2019

EMGS: Vessel update and activity for the second quarter 2019

EMGS: Vessel update and activity for the second 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 second quarter 2019 was 73% compared with 31% for the

second quarter in 2018.

In the second quarter of 2019, the Company's vessels were allocated 45% to

proprietary work and 28% to multi-client projects. In the comparable quarter of

2018, the vessels were allocated 31% 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 second quarter 2018, the Company also had two vessels on charter.

Vessel activity

The Atlantic Guardian began the second quarter acquiring data on a fully pre-

funded multi-client acquisition over PL 1031 in the Norwegian Barents Sea. This

survey was completed on 5 May 2019. After that, the vessel was idle before she

commenced another fully pre-funded multi-client survey in the Barents Sea late

May and thereafter acquired data on a non-prefunded multi-client project. The

Atlantic Guardian started the transit to Mexico in June. Prior to the departure

from Europe, certain vessel maintenance was undertaken in dry-dock in in Brest,

France.

The vessel's utilisation for the second quarter was 63%.

The BOA Thalassa commenced a proprietary survey in South-East Asia on 23 March

2019 and this survey is currently ongoing.

The vessel's utilisation for the second quarter was 82%.

Multi-client revenues in the second quarter

The Company expects to record approximately USD 4 million in multi-client

revenues for the second quarter 2019.

EMGS will publish its second quarter 2019 financial results on Thursday 25 July

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