Electromagnetic Geoservices ASA

EMGS: Update on multi-client Letter of Intent

Reference is made to the stock exchange notification published by

Electromagnetic Geoservices ASA ("EMGS" or the "Company") on 23 March 2019,

announcing that the Company had received a multi-client letter of intent with an

approximate value of USD 2.5 million.

EMGS and the customer, Spirit Energy Norway AS on behalf of the PL1031 license

group, have today entered into a final contract under the letter of intent.

Following an extension of the scope of work, the final contract value is

approximately USD 3.4 million.

The vessel Atlantic Guardian has started mobilisation for the survey. It is

expected that acquisition will commence early April and be completed within the

second quarter of 2019.

Contact

Hege Veiseth, CFO, +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 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.

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

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