Electromagnetic Geoservices ASA

Investor Presentation • Aug 20, 2015

SECOND QUARTER 2015 RESULTS.

Oslo, 20 August 2015CEO Bjarte Bruheim, CFO Svein Knudsen

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 second quarter 2015

• •Sales from multi-client data library in Barents Sea
• •Cost reduction program implemented
• •Letter of award in Malaysia
• •Re-start work for Pemex
• •Received permits for multi-client surveys in Mexico

Second quarter operational overview

2015 multi-client investments

• • Tiddlybank/ Nordkapp
• -50/50 cooperation with TGS
• 2.6 USD million revenues YTD
• Relevant for 23rd licensing round
• • Hammerfest/ Froan/ Nyk
• -Prefunding/ late sale of ~2.3 USD million YTD
• Relevant for APA rounds
• • Daybreak/ Radiant, western US GoM
• -Annual licensing round, close August
• • Lightning Bolt, central/ eastern US GoM
• -Annual licensing rounds, close March
• • Indonesia
• -Licensing round, close December

Key financials

• •10.5 vessel months in Q2
• •Utilisation of 68%, with 5% contract and 63% MC allocation
• •Costs include provisions related to cost reduction measures
• •Multi-client investment of USD 14.0 million in the quarter
• •Impairment of goodwill re. OHM acquisition of USD 14.4 million

Q2'14 Q3'14 Q4'14 Q1'15 Q2'15

Capital Structure

Balance sheet as at 30.06.15 (USD million)

• • Cash at USD 39.5 million, up from USD 38.9 million at 31 March
• • Trade receivables decreased by USD 22.2 million to USD 16.3 million
• • Trade payables increased by USD 7.1 million to USD 16.5 million
• •Impairment of goodwill of USD 14.4 million
• • Net book value of multi-client library of USD 51.2 million-MC investments of USD 14 million in Q2
• • Financing
• -Bond loan re-classified to current liabilities
• -DNB overdraft facility of USD 10 million unused

Cost reduction program implemented

• •Phase I of cost reduction program implemented in January
• • Phase II implemented late June with key elements:
• Reduction of global headcount (including consultants) by 20%
• Reduction of vessel capacity from three to four vessels, EM Leader laid-up
• Reduction of capital expenditures by appr 50 %
• •All key elements implemented and progressing according to plan
• •Annual cost savings of ~USD 35 million compared to 2014 cost level
• • Charge/ provision booked in second quarter
• Restructuring charge of USD 1.3 million (employee expenses)
• Provision for onerous contract of USD 1.5 million (charter hire)
• • Two charter agreements to expire next 12 months
• Currently decided not to renew or extend charter agreements for BOA Thalassa and BOA Galatea to reduce fixed commitments and utilise flexibility

Market and outlook

Current market situation

• • Challenging market
• Contract negotiations delayed
• Catious spending from oil companies affects EM demand
• Low visibility in some regions
• Market outlook hard to predict, high uncertainty
• • Progress on adoption
• Good response from oil companies, high interest challenged by reduced budgets
• Work program credits in Brazil

• Included in work program guidelines for licensing and APA rounds in Norway

• MC library performing well

• 23rd licensing round, close Dec
• Annual APA round, close Sept

Canada:

• Data available for sale, licensing round in November
• No further MC investment in 2015US:
• Attractive US GoM MC investments
• Licensing rounds in Aug/ MarchMexico
• Continue to work for Pemex
• Received permits for MC survey

Malaysia:LOA worth USD 4.2 million

• Appr. one month work/
• Sept 2015India:
• Invitation to tender in August with application deadline on 1 September 2015Indonesia:
• MC investment related to licensing round in December

Summary and outlook

• • Increasingly exposed to the challenging market in Q2, resulting in lower utilisation and contract volumes
• • Still, good progress on adoption with high interest from oil companies and authorities
• • Multi-client projects expected to yield good return on investments
• • Cost reduction program implemented and progressing according to plan, further measures evaluated
• •Market outlook hard to predict and uncertainty high

Questions?

Appendix

Income statement

i l l ion U S D m	d ing Qu art er en		l f d ing Ha y ea r en		d ing Ye ar en
	3 0. 0 6. 2 0 15	3 0. 0 6. 2 0 14	3 0. 0 6. 2 0 15	3 0. 0 6. 2 0 14	3 1. 1 2. 2 0 14
Co les ntr act sa	4. 8	3 5. 5	2 6. 9	8 2. 0	1 3 7. 2
lt l les Mu i-c ien t s a	7. 3	7. 0	17 4	2 1. 9	6 0. 8
l re To ta ve nu es	1 2. 1	4 2. 5	4 4. 3	1 0 3. 8	1 9 8. 0
ha h fue l a d c C ire rte r n rew ex p en ses ,	3. 7	1 3. 9	1 1. 3	3 4.5	6 1. 3
loy Em p ee ex p en ses	9. 3	1 2. 1	2 2. 4	27 8	5 5. 2
Ot he ing t r o p era ex p en ses	5. 1	6 5.	9. 4	0. 1 1	2 2.5
EB ITD A	( ) 6. 0	1 0. 9	1. 3	3 1. 4	5 9. 0
d o d De iat ion ina isa ion ort t p rec an r ry am	3. 3	4. 2	6. 5	8. 6	1 6. 3
lt l d Mu i-c ien isa ion im irm t a rt t t mo an p a en	1.5	4.5	4. 8	7. 8	14 6
dw l l Go i im irm t o p a en	14 4	-	14 4	-	-
EB IT	( ) 25 2	2. 3	( ) 24 5	15 0	2 8. 1
f ina ia l ite Ne t nc ms	( ) 0. 7	( ) 2. 9	( ) 2. 6	( ) 3. 9	3. 1
/ f ( los ) be fo Pro it tax s re	( ) 25 9	( ) 0. 6	( ) 27 1	1 1. 1	3 1. 2
Inc tax om e ex p en se	0. 1	1. 9	0. 1	5. 3	5. 3
/ f it ( los ) Ne t p ro s	( ) 2 6. 0	( ) 2. 5	( ) 27 2	5. 8	25 9

Financial position

illio US D m n
ASS ETS	30. 06. 201 5	31. 03. 201 5	31. 12. 201 4
odw ill Go	-	14. 4	14. 4
Def ed tax set err as	3.0	3.0	3.0
Mu lti-c lien t li bra ry	51. 2	40. 1	33. 8
Oth ible inta ets er ng ass	4.6	3.0	3.2
lan d e Pro ipm ty, t an ent per p qu	14. 3	16. 8	19. 2
der Ass tio ets nst un co ruc n	34. 0	33. 2	31. 2
Fin ial ets anc ass	2.0	2.2	4.8
Tot al n t as set on- cur ren s	109 .1	112 .8	109 .6
de abl Tra eiv rec es	16. 3	38. 5	65. 5
Oth t ets er cur ren ass	34. 2	34. 5	33. 6
h a nd h e len Cas iva ts cas qu	38. 5	38. 2	25. 2
tric ted h Res cas	0.9	0.7	1.4
al c Tot ent ets urr ass	90. 0	111 .9	125 .7
TO TA L A SSE TS	199 .0	224 .6	235 .3
EQ UIT Y A ND LIA BIL ITIE S
al e ity Tot qu	96. 3	122 .4	126 .2
al n liab iliti Tot t on- cur ren es	16. 8	62. 4	62. 2
de abl Tra pay es	16. 5	9.4	13. 4
Cur x li abi lity t ta ren	4.6	4.7	4.6
Oth hor liab iliti t te er s rm es	17. 6	24. 5	27. 3
Bor ing row s	47. 2	1.2	1.7
al c lia bili tie Tot ent urr s	85. 9	39. 9	46. 9
TO TA L E QU ITY AN D L IAB ILIT IES	199 .0	224 .6	235 .3

Cash flow

l l U S D m i ion	Qu art er	d ing en	l f d Ha ing y ea r en
	3 0. 0 6. 2 0 15	3 0. 0 6. 2 0 14	3 0. 0 6. 2 0 15	3 0. 0 6. 2 0 14
Ne h f low fro ing iv it ies t c t t as m op era ac	1 8. 4	1 0. 7	4 6. 6	1 0. 1
h f low fro inv ing iv it ies Ne t c est t as m ac	( ) 17 1	( ) 17 1	( ) 3 1. 7	( ) 2 6. 8
h f low fro f l a Ne ina ia iv it ies t c ct as m nc	( ) 1. 0	( ) 1. 1	( ) 1. 5	1. 0
/ ( ) Ne inc de in h t rea se cre ase ca s	0. 4	( ) 7. 5	1 3. 3	( ) 15 7

Largest shareholders as of 19 August

	Sh ho lde are r	Sh are s	ldi Ho ng
1	SIE M INV EST ME NT S IN C	2 2, 9 2 6, 8 6 6	1 1. 4 8
2	RES OIK S PE TR A A	1 8, 8 8 9, 4 4 9	9. 4 6
3	ley & S & Mo n S Co . M CO LL C M SC O C LI tan rga	1 8, 5 7 6, 2 0 0	9. 3 0
4	OD IN OF FSH OR E	9, 6 5 1, 2 9 9	4. 8 3
5	CL EA RST REA M BA NK ING	8, 1 6 0, 1 6 5	4, 0 8
6	OD IN NO RG E	7, 5 2 2, 6 0 9	3. 77
7	FO VE RD IPA PIR ND ET DN B	5, 0 7 2, 1 25	2.5 4
8	SKA GE N V EKS T	0 2 9, 2 0 5, 7	2.5 2
9	VE RD IPA PIR FO ND ET DN B	4, 9 1 6, 6 7 0	2. 4 6
10	/ STA TO IL P EN SJO N C O J P M OR GA N C HA SE	4, 5 6 8, 6 45	2. 2 9
11	Ch J.P . M Ba S PEC IAL TR EAT Y L EN DI org an ase	2, 6 7 2, 3 8 5	1. 3 4
12	SU ND T A S	2, 14 2, 7 6 3	0 1. 7
13	R ( II) DN B N AV IGA TO	2, 0 3, 2 2 1 1	1. 0 1
14	SPO RTS MA GA SIN ET AS	2, 0 0 0, 0 0 0	1. 0 0
15	NO RT HE RN TR US T G SL C T REA TY CL IEN TS	1, 4 6 0, 0 0 0	0. 7 3
16	DN B L IVS FO RS IKR ING A	1, 4 2 6, 5 9 6	0. 7 1
17	NO S, S D nk AS Dn B R M AR KET AK NB Ba A	1, 4 25 4 4 2 ,	0. 7 1
18	NH O - P6 65A K J P M OR GA N C HA SE BA NK	1, 4 0 8, 8 8 7	0. 7 1
19	EM -SB L H OL DIN G A S	1, 2 2 3, 0 0 0	0. 6 1
20	BR UH EIM BJ AR TE HE NR Y	1, 2 15 0 8 8 ,	0. 6 1

Vessel charters

	ha las B O A T sa		lan d A ic Gu ia t t ar n	de E M Le a r
ha irm C F te r r	be 2 0 De 1 5 ce m r	ly 2 0 6 Ju 1	be 2 0 De 1 7 ce m r	be 2 0 6 De 1 ce m r
io Op t ns			3 x 1 y ea r	2 x 1 y ea r
l o Ve ss e w ne r	f fs O O ho B A re	f fs O O ho B A re	h h No Se S ip in t r a p g	Se tra a ns
Ra te s	ixe d F	ixe d F	ixe d F	lex b le i F