Electromagnetic Geoservices ASA

Earnings Release • Jan 7, 2016

EMGS - Vessel update and activity for the fourth quarter 2015

EMGS - Vessel update and activity for the fourth quarter 2015

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.

Vessel utilisation for the fourth quarter 2015 came in at 21% compared with 63%

for the fourth quarter in 2014. For the full year 2015, the vessel utilisation

was 59%, whereas the utilisation for the full year 2014 ended at 69%.

In the fourth quarter of 2015, the Company's vessels were allocated 21% to

contract and no time were spent on multi-client programmes. In the fourth

quarter of 2014, the allocation was 39% on contract work and 24% on multi-client

programmes.

EMGS recorded 9.0 vessel months this quarter, compared with 9.9 vessel months in

the last quarter of 2014.

Vessel activity

The BOA Thalassa has worked on two contracts in Malaysia in the fourth quarter.

The first contract was completed on 8 October, while the second contract

commenced on 23 October and was completed on 6 December. Between the two

contracts, the vessel had a yard stay for five days. The vessel started the

announced contract work in India on 4 January 2016.

The vessel's utilisation for the fourth quarter was 55%.

The BOA Galatea completed the announced contract work for Pemex in Mexico on 6

October. From 12 October to 11 December the vessel worked on a Proof of Concept

(PoC) study in the Mexican sector of the Gulf of Mexico. This is not included in

the utilisation. Following the PoC study, the vessel started its transit back to

the Fosen shipyard in Norway, were the vessel will be delivered back to its

owner mid-January.

The vessel's utilisation came in at 6% for the fourth quarter.

The Atlantic Guardian acquired data on a small survey in the Norwegian Sea on

1(st) and 2(nd) of October. Following this, the vessel was laid up in Bergen for

the rest of the quarter.

The vessel's utilisation for the fourth quarter was 3%.

The EM Leader has been off-hire since 15 May.

Multi-client revenues and other announced measures impacting the fourth quarter

The Company expects to record a total of approximately USD 11 million in multi-

client revenues for the fourth quarter 2015.

In connection with the Company's announced cost reduction measures, EMGS expects

to book restructuring charges of USD 1.3 million in the fourth quarter.

EMGS will publish its fourth quarter 2015 financial results on Thursday 11

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

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

the Internet, starting at 10:00 CET.

Contact

Charlotte Knudsen, EMGS head of investor relations, +47 97 56 19 59

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 main offices in Trondheim and Oslo,

Norway; Houston, USA; and Kuala Lumpur, Malaysia.

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.

[HUG#1977147]