Electromagnetic Geoservices ASA

EMGS receives Letter of Award

Reference is made to the stock exchange notification published by

Electromagnetic Geoservices ASA ("EMGS" or the "Company") on 28 March 2019,

wherein the Company announced that it is participating in a sole-sourced tender

process for a multi-year acquisition contract.

EMGS is pleased to announce that the Company has now received a letter of award

for the contract. The multi-year call-off acquisition contract, awarded by one

of the world's largest national oil companies, has a minimum value of approx.

USD 29.3 million, and a maximum value of approx. USD 73.3 million, over a two-

year period. Based on current acquisition estimates, the Company expects that

all or a substantial part of the minimum contract value will be recognised in

The Company expects that final contract execution will take place within approx.

three weeks. The Company will mobilise the Atlantic Guardian for the project.

CEO of EMGS, Bjørn Petter Lindhom, comments:

"This letter of award from a repeat customer, together with the on-going

proprietary acquisition in south-east Asia, has secured backlog for both of the

Company's vessels, providing a sound basis for two-vessel operation for the

Company in 2019.

It also gives us confidence that our strategy of integrating CSEM into oil

companies' exploration workflow is on the right track. More and more oil

companies' realise that CSEM is an important tool for reducing exploration risk

and cost, with an attractive ROI when used correctly."

Contact

Hege Veiseth, CFO, +47 99 21 67 43

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 explorationists 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.

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

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