Electromagnetic Geoservices ASA

Share Issue/Capital Change • Dec 9, 2015

Notice of Shares Subscribed in EMGS

Notice of Shares Subscribed in EMGS

GEORGE TOWN, GRAND CAYMAN, 8 December 2015 - SIEM

INDUSTRIES INC. announces that its wholly-owned

subsidiary, Siem Investments Inc., has today

subscribed for 127,622,858 new shares of

Electromagnetic Geoservices ASA (OSE Symbol: EMGS), a

publicly-traded Norwegian company listed on the Oslo

Stock Exchange, at a subscription price of NOK0.25 per

share as provided for in the Rights Issue offered by

EMGS which granted Siem Investments 5.56652

Subscription Rights for each of the 22,926,866 shares

that it currently owns.

In addition, Siem Investments today acquired

20,000,000 subscription rights in the market at

NOK0.01 per right and subscribed for 20,000,000 new

shares at the NOK0.25 per share subscription price.

Siem Investments' beneficial ownership in EMGS now

includes 22,926,866 shares of EMGS' issued and

outstanding shares, or 11.13%, and subscriptions for

147,622,858 new shares of EMGS. Following payment and

delivery of the new shares, Siem Investments will hold

an aggregate 169,849,724 issued and outstanding shares

of EMGS, or 12.9%.