Electromagnetic Geoservices ASA

Regulatory Filings • Jul 5, 2016

EMGS - Vessel update and activity for the second quarter 2016

EMGS - Vessel update and activity for the second quarter 2016

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 standby activities are not included in the utilisation.

Vessel utilisation for the second quarter 2016 came in at 76% compared with 68%

for the second quarter in 2015.

In the second quarter of 2016, the Company's vessels were allocated 76% to

multi-client projects. No vessel capacity was spent on contract work. In the

comparable quarter of 2015, the vessels were allocated 5% to contract work and

63% to multi-client projects.

EMGS had two vessels in operation in the second quarter 2016, thus the Company

recorded 6.0 vessel months in the quarter. In the second quarter 2015, the

Company had four vessels in operation and recorded 10.5 vessel months.

Vessel activity

The BOA Thalassa commenced on a multi-client project west of India on 12 March.

The project was completed on 16 April and the vessel has been laid up at a

reduced rate since 1 May.

The vessel's utilisation for the second quarter was 51%.

The Atlantic Guardian commenced a multi-client project in the Hammerfest Basin

on 10 March. The project was completed on 26 April. Following the project in the

Hammerfest Basin, the Atlantic Guardian acquired multi-client data in the

Norwegian Sea from 29 April to 15 May. The vessel commenced a multi-client

project in the North Sea 29 May, this was completed on 24 June. Following this,

the vessel started its transit back to the Fosen shipyard for the rigging of the

Joint Industry Project (JIP).

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

The EM Leader has been laid up since 15 May 2015. During the second quarter,

EMGS and the owner of the EM Leader, Euro Trans Skips AS, agreed to terminate

the vessel's charter agreement as of 1 June 2016, to the commercial benefit for

both parties.

Multi-client revenues in the second quarter

The Company expects to record USD 15 million in multi-client revenues for the

second quarter 2016.

EMGS will publish its second quarter 2016 financial results on Thursday 18

August 2016 at 07:30 CET. A presentation will be held at the Company's office

address, at Dronning Mauds gate 15 in Oslo, and will be broadcasted live over

the Internet, starting at 10:00 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 of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

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