Electromagnetic Geoservices ASA

MANDATORY NOTIFICATION OF TRADE

GEORGE TOWN, GRAND CAYMAN, 10 December 2015 - SIEM

INDUSTRIES INC. announces that its wholly-owned

subsidiary, Siem Investments Inc., has today acquired

50,000,000 Subscription Rights for new shares of

Electromagnetic Geoservices ASA (OSE Symbol: EMGS), a

publicly-traded Norwegian company listed on the Oslo

Stock Exchange, in the market at NOK0.01 per

Subscription Right and will subscribe for 50,000,000

new shares at the NOK0.25 per share Subscription Price

under the EMGS Rights Issue.

Following the completion of the EMGS Rights Issue in

the latter part of December 2015, Siem Investments'

beneficial ownership in EMGS will be 220,549,724

shares of issued and outstanding shares, or 16.8%, and

is comprised of the 22,926,866 shares of EMGS' issued

and outstanding shares that are currently owned and

197,622,858 new shares of EMGS that were subscribed

using Subscription Rights. Siem Investments was

granted 127,622,858 Subscription Rights at the rate of

5.56652 Subscription Rights for each owned share of

EMGS and purchased 70,000,000 Subscription Rights in

the market.

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