Electromagnetic Geoservices ASA

Business and Financial Review • Jul 5, 2017

EMGS - Vessel update and activity for the second quarter 2017

EMGS - Vessel update and activity for the second quarter 2017

Electromagnetic Geoservices ASA (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 contracted or multi-client data acquisition. Downtime (technical or maritime)

and some standby activities are not included in the utilisation.

Vessel utilisation for the second quarter 2017 was 85% compared with 76% for the

second quarter in 2016

In the second quarter of 2017, the Company had one vessel in operation. This

vessel was allocated 85% to multi-client projects and no time was spent on

contract work. In the comparable quarter of 2016, the vessels were allocated

76% to multi-client projects, and no capacity was spent on contract work.

EMGS recorded 3.0 vessel months in the quarter. In the second quarter 2016, the

Company had two vessels in operation and recorded 6.0 vessel months

Vessel activity

The Atlantic Guardian has acquired data on prefunded multi-client surveys in the

Barents Sea from the beginning of the quarter to 23 June. Following that, the

vessel steamed to Fosen shipyard for the rigging of the Deep Blue source.

The vessel's utilisation for the second quarter was 85%.

The BOA Thalassa has been off-hire from 1 April. The new charter agreement has a

firm start on 1 October 2017, and the vessel remains available, as an option to

EMGS, on a project by project basis between 1 April and 1 October 2017.

Multi-client revenues in the second quarter

The Company expects to record approximately USD 10 million in multi-client

revenues for the second quarter 2017.

EMGS will publish its second quarter 2017 financial results on Thursday 27 July

2017 at 07:30 CET. A presentation will be held at Karenslyst Allè 2 in Oslo, and

will be broadcasted live over the Internet, starting at 11:00 CET.

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,

Villahermosa, Rio de Janeiro and Kuala Lumpur

For more information, visit www.emgs.com

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.