Electromagnetic Geoservices ASA

Capital/Financing Update • Nov 20, 2015

EMGS - Bond buy-back offer to bondholders in FRN Electromagnetic Geoservices ASA Senior Unsecured Callable Bond Issue 2013/2016

EMGS - Bond buy-back offer to bondholders in FRN Electromagnetic Geoservices ASA Senior Unsecured Callable Bond Issue 2013/2016

Reference is made to the stock exchange announcement by Electromagnetic

Geoservices ASA (EMGS) on 5 November 2015 regarding the proposed Rights Issue

and the Bond Proposal, including amendments to certain terms in the bond

agreement and an offer to buy back NOK 80 million of the nominal outstanding

amount of the EMGS02 (ISIN NO 001 068253.7) senior unsecured callable bond (the

"Bond Issue").

The Company has offered its bondholders to buy back up to NOK 80 million of the

nominal outstanding amount of the Bond Issue at 80% of par value (the "Bond Buy-

Back"). The Bond Buy-Back offer period commences at 09:00 CET on 20 November

2015 and will be closed at 16:00 CET on 24 November 2015. The result of the Bond

Buy-Back will be announced on 25 November 2015.

Please find attached the buy-back offer and the bondholder offer form.

Contact:

Charlotte Knudsen, Head of Investor Relations, +47 97 56 19 59

Important information:

The Buy-Back offer and any acceptances thereof are subject to Norwegian law,

with Oslo District Court as the agreed legal venue. The Buy-Back offer is not

directed to persons in any jurisdiction where the offer would be in violation of

applicable laws or whose acceptance of the offer requires that (i) further

documents are issued or filed in order for the Buy-Back offer to comply with

local law or (ii) registration or other measures are taken pursuant to local

law. No document or material relating to the offer may be distributed in or into

any country where such distribution or offering requires any of the

aforementioned measures to be taken or would be in conflict with any law or

regulation of such country.

Each Bondholder is responsible for any taxes as a consequence of accepting or

not accepting the Buy-Back offer, and is further responsible for any other

effects of accepting or not accepting the Buy-Back offer. The Issuer assumes no

responsibility for (i) any tax liability resulting from the Bondholder accepting

or not accepting the Buy-Back offer, or (ii) any other effects of accepting or

not accepting the Buy-Back offer.

***

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.

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