Electromagnetic Geoservices ASA

Investor Presentation • Nov 5, 2015

THIRD QUARTER 2015 RESULTS.

Oslo, 5 November 2015CEO Stig Eide Sivertsen

Disclaimer

This quarterly presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. Such forward-looking information andstatements are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for Electromagnetic Geoservices ASA(EMGS) and its subsidiaries. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions. Important factors that couldcause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for the EMGS' businesses, oil prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time. AlthoughElectromagnetic Geoservices ASA believes that its expectations and the information in this Report were based uponreasonable assumptions at the time when they were made, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in this Report. Electromagnetic Geoservices ASA nor any other company within the EMGS Group is making any representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the information in the Report, and neither Electromagnetic Geoservices ASA, any other company within the EMGS Group nor any of their directors, officers or employees will have any liability to you or any other persons resulting from your use of the information in the Report. Electromagnetic Geoservices ASA undertakes no obligation to publicly update or revise any forward-looking information or statements in the Report.

Overview third quarter 2015

• • Contract survey for oil company in Malaysia
• -First phase: ~USD 4 million completed
• • Currently operating on extension worth ~USD 7 milli on
• •Deep-water acquistion for PEMEX in September
• •Received permits for multi-client in Mexico and India
• •Tender process in India, EMGS sole bidder
• •Further cost reduction measures implemented
• •Re-negotiated charter agreements
• • Discussion with equity- and bondholders to find a sustainable capital structure

Targeted multi-client investments in key regions

•Tiddlybank/Nordkapp

• 50/50 JV with TGS in 1H
• Relevant for 23rd licensing round
• • Hammerfest/Froan/Nyk
• Relevant for APA rounds
• • Daybreak/Radiant, western US GoM
• Annual licensing round, close August
• • Lightning Bolt/Stratus, central/eastern US GoM
• Annual licensing rounds, close March
• • Indonesia
• Licensing round, close December

Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115 Q215 Q315

Current market situation

• • Challenging market
• Catious spending from oil companies affects EM demand
• Low visibility in some regions
• Market outlook hard to predict, high uncertainty
• •Progress on adoption

10

• Good response from oil companies, high interest challengedby reduced budgets
• Permits for multi-client in Mexico and India
• Several new customers in the quarter, including supermajor

Third quarter key financials

• •Revenues of USD 16.3 million
• •Run rate* of ~USD 29 million in Q3
• •Provisions and one-off costs of ~USD 6 million in the quarter
• •9.0 vessel months as EM Leader is laid up
• •Multi-client investment of USD 8.4 million in the quarter
• • Impairment of multi-client library of USD 3.9 million and equipment of USD 1.6 million
• •Utilisation of 64%, with 16% contract and 48% MC allocation

Revenues and revenues/costs per vessel month (USD Million)

*Run rate is defined as: Operational costs (charter hire etc, employee expenses, other operating costs) pluss MC investments less provision for onerous contract and restructuring charges and other extraordinary items

EMGS adjusts to current market conditions

• • Implementation of comprehensive cost reducing measures to align to market activity
• • Dialogue with vessel owners to secure charter agreementsin line with current activities
• • Consultations with shareholders regarding the potential to raise additional equity to support operations going forward
• • Discussions with creditors to find a sustainable solution for the capital structure

Cost reduction program progressing as planned

• • Cost reducing measures implemented to bring cost base in line with expected activity level
• Phase I (January 2015): Re-evaluation of new hires, consultants, agents and travel costs
• Phase II (June 2015): Reduction of fleet capacity from four to three vessels, 20% reduction in globalheadcount and CAPEX reduced by ~50%
• Phase III (September 2015): Further reduction of fleet capacity from three to two vessels, 30% reduction in employee expenses and renegotiated terms with suppliers and sub-contractors
• • New running cost base below USD 100 million, a reduction of 41% vs. FY 2014
• EMGS is now in a much stronger position to weather the current crisis

Overview of the transaction

Bond extension and partial buy-back

• • The maturity date of the EMGS02 is extended by 36 months, from 27 June 2016 to 27 June 2019
• • Outstanding debt will be reduced by up to NOK 80 million through a voluntary bond buy-back at a 20% discount to par
• – Final size of the buy-back depends on bondholder participation, maximum cash spend is NOK 64 million
• • Certain amendments to the bondholder agreement relating to restrictions on financial indebtedness and ability topledge/dispose of the multi-client library
• • The above proposal will be on the agenda of a bondholder meeting to be held on 19 November 2015
• • Bondholders representing more than 2/3 of the Bond Issue have undertaken to vote in favour of the above proposal
• • The result of the buy-back will be announced no later than 5business days after the bondholder meeting
• •Bonds will be cancelled following the buy-back

Rights issue

• • Rights issue with gross proceeds between NOK 214-278million at a subscription price of NOK 0.25
• TERP1discount: 20-24%²
• Total new shares to be issued: 856-1,112 million
• Total dilution: ~81-85%
• • The maximum size (NOK 278 million) of the rights issue is fully underwritten
• • NOK 214 million will be used for general corporate purposes and to strengthen the Company's financial position
• • Up to NOK 64 million will be raised to finance the buy-back
• Final size is subject to bondholder's participation inthe bond buy-back
• • The capital issue will be confirmed in an EGM to be on 26 November 2015

Note: (1) TERP = Theoretical ex-rights price; (2) Based on the close price as of 4 November 2015 of NOK 0.67

Impact of the transaction

Comments

Operational

• • The transaction provides EMGS with sufficient financial flexibility to weather the current downturn
• • EMGS is now rigged for a prolonged period of reduced activity whilst maintaining its ability to respond rapidly when the market rebounds

Financial

• • Eliminates the short term refinancing risk by extending the bond maturity by 36 months
• • Strengthens the cash position by raising USD 25 million for operational purposes
• •Up to 22.9% reduction of NOK 350 million bond
• •Up to USD 0.7 million reduction of annual interest expense

Note: (1) All figures have been converted from NOK using the official NOK/USD rate from Norges Bank as of 29 October 2015 of 8.57

Pro-forma effects post transaction¹

h Mo nt		be be No De ve m r ce m r
k o f W ee	0 2. 1 1.	0 9. 1 1.	1 6. 1 1.	2 3. 1 1.	3 0. 1 1.	0 7. 1 2.	1 4. 1 2.	2 1. 1 2.
	0 5. No
			9. 1 No
				1 9. No	2 5. No v -
							2 1. De c
	0 5. No
				2 6. No
hts ig r				2 7.	v
				1. De 1 5. c -	c
							8. De c
	ion		v v		v 0	v v No De		1

2 1
--------	--

Market and outlook

Summary and outlook

• •Challenging market continued in Q3
• • Cost level reduced to sustain operations with a low oil price
• •Equity increased by up to USD 32.5 million
• •Bond loan to be extended by 36 months
• •Up to USD 7.5 million buy-back of bonds
• • High interest from oil companies and authorities – good progress on adoption
• • Multi-client projects yielding good return – in particular on the NCS

Questions?

Appendix

Income statement

l lio US D m i n	Qu art er	din en g	hs din Nin nt e mo en g		din Ye ar en g
	30 .09 .20 15	30 .09 .20 14	30 .09 .20 15	30 .09 .20 14	31 .12 .20 14
les Co ntr act sa	9.1	29 .8	36 .0	11 1.7	13 7.2
lti- lien les Mu t s c a	7.2	11 .9	24 .6	33 .8	60 .8
l re To ta ve nu es	16 .3	41 .7	60 .6	14 5.5	19 8.0
C ha hir fue l an d c rte r e, rew ex pe nse s	9.3	11 .1	20 .6	45 .5	61 .3
loy Em p ee ex pe nse s	11 .2	14 .6	33 .6	42 .4	55 .2
he Ot ing rat r o pe ex pe nse s	5.7	5.0	15 .1	15 .1	22 .5
EB ITD A	( ) 10 .0	11 .0	( ) 8.7	42 .4	59 .0
cia tio d o din isa tio De ort pre n a n r ary am n	3.5	3.8	10 .0	12 .4	16 .3
Mu lti- lien rtis ati t a c mo on	2.6	1.8	4.5	7.6	14 .6
f lon Im irm t o ter ets pa en g- m ass	5.5	-	22 .8	2.0	-
EB IT	( ) 21 .5	5.4	( ) 45 .9	20 .4	28 .1
fin l it Ne cia t an em s	( ) 2.4	1.6	( ) 5.0	( ) 2.3	3.1
/ ( ) fit los be for Pro e t s ax	( ) 23 .8	7.0	( ) 50 .9	18 .1	31 .2
Inc tax om e ex pe nse	1.5	-	1.7	5.3	5.3
/ fit ( los ) Ne t p ro s	( ) 25 .4	7.0	( ) 52 .6	12 .8	25 .9

Financial position

mi llio USD n
ASS ETS	30. 09. 201 5	30. 06. 201 5	31. 12. 201 4
Goo dw ill	-	-	14. 4
Def ed tax et err ass	1.8	3.0	3.0
lti-c lien t lib Mu rary	53. 1	51. 2	33. 8
Oth ble inta ngi ets er ass	4.2	4.6	3.2
lan d e Pro qui ty, t an ent per p pm	17. 9	14. 3	19. 2
der Ass tion ets nst un co ruc	27. 5	34. 0	31. 2
Fin ial a ts anc sse	1.9	2.0	4.8
al n Tot t as set on- cur ren s	106 .4	109 .1	109 .6
de abl Tra eiv rec es	15. 3	16. 3	65. 5
Oth t ets er cur ren ass	30. 4	34. 2	33. 6
h a nd h e val Cas qui ent cas s	20. 2	38. 5	25. 2
Res tric ted h cas	2.7	0.9	1.4
al c Tot ent ets urr ass	68. 7	90. 0	125 .7
TOT ASS ETS AL	175 .1	199 .0	235 .3
EQU ITY AN D L IAB ILIT IES
Tot al e ity qu	71. 0	96. 3	126 .2
al n liab iliti Tot t on- cur ren es	17. 5	16. 8	62. 2
de abl Tra pay es	16. 1	16. 5	13. 4
x lia bilit Cur t ta ren y	4.7	4.6	4.6
Oth hor liab iliti t te er s rm es	18. 8	17. 6	27. 3
Bor ing row s	47. 0	47. 2	1.7
Tot al c lia bili ties ent urr	86. 6	85. 9	46. 9
TOT AL EQ UIT Y A ND LIA BIL ITIE S	175 .1	199 .0	235 .3

Largest shareholders as of 3 November

	Sha reh old er	Sha res	ldin Ho g
1	SIE M INV EST ME NT S IN C	22 92 6, 86 6 ,	11 .48
2	PER EST RO IKA AS	18 88 9, 44 9 ,	9.4 6
3	ley Mo n S & Co . M S & CO LL C M SCO CL I tan rga	18 6, 20 0 57 ,	9.3 0
4	OD IN OF FSH OR E	9, 65 1, 29 9	4.8 3
5	CLE AR STR EA M BA NK ING	8, 16 4, 59 0	4.0 9
6	OD IN NO RG E	7, 52 2, 60 9	3.7 7
7	SKA GE N V EKS T	5, 02 9, 20 7	2.5 2
8	VE RD IPA PIR FO ND ET DN B	91 6, 67 0 4,	2.4 6
9	/ STA TO IL P EN SJO N C O J P M OR GA N C HA SE	4, 56 8, 64 5	2.2 9
10	NH O - P66 5A K J P M OR GA N C HA SE BA NK	2, 46 3, 91 1	1.2 3
11	Ch J.P . M Ba SP ECI AL TR EAT Y L EN DI org an ase	2, 30 1, 99 6	1.1 5
12	BÆ KKE LAG ET HO LDI NG A	2, 21 2, 89 9	1.1 1
13	R ( II) DN B N AV IGA TO	2, 08 2, 21 2	1.0 4
14	SPO RTS MA GA SIN ET AS	2, 00 0, 00 0	1.0 0
15	NO UST GS L C Y C S RTH ERN TR TR EAT LIE NT	1, 50 0, 00 0	0.7 5
16	J&J IN VE STM EN T A S	1, 50 0, 00 0	0.7 5
17	FLA TH OL ME N A S	1, 45 0, 00 0	0.7 3
18	DN B L IVS FO RSI KR ING A	1, 42 6, 59 6	0.7 1
19	nk Dn B NO R M AR KET S, AK S D NB Ba ASA	1, 39 8, 63 5	0.7 0
20	KIE SE JO	1, 30 0, 00 0	0.6 5

Vessel charters

	ha las B O A T sa	la B O A Ga te a	lan d A ic Gu ian t t ar	de E M Le a r
ha irm C F te r r	l 1 Ap i 2 0 1 7 r	be 1 2 0 1 5 De 5 ce m r	be 1 8 2 0 1 De 7 ce m r	be 8 2 0 1 6 De ce m r
Cu t s ta tu rre n s	In io As ia t op er a n,	In io M ico t op er a n, ex	f f- h O ire	f f- h O ire
l o Ve ss e w ne r	f fs ho B O A O re	f fs ho B O A O re	h h No Se S ip ing t r a p	Se tra a ns
Ra te s	( ) lex b le fo he F i i te ra s r w n ( ) d le d in io i i i t op er a n, an ( ) la d i i i i up	d ixe F	d ixe F	( ) lex b le fo he F i i te ra s r w n ( ) d le d in io i i i t op er a n, an ( ) la d i i i i up