Electromagnetic Geoservices ASA

Regulatory Filings • Apr 10, 2015

EMGS - Vessel update and activity for the first quarter 2015

EMGS - Vessel update and activity for the first quarter 2015

Electromagnetic Geoservices ASA (EMGS) releases information on vessel activity

and utilisation 4-5 working days after the close of each quarter. The Company

defines "vessel utilisation" as the percentage of the vessel charter period

spent on contracted or multi-client data acquisition.

Vessel utilisation for the first quarter 2015 came in at 76% compared with 66%

for the first quarter 2014.

In the first quarter of 2015, the Company's vessels were allocated 24% to

contract and 52% to multi-client programmes. For the corresponding quarter in

2014, the allocation was 56% and 10% respectively.

EMGS recorded 12 vessel months this quarter, compared with 10.7 in the first

quarter of 2014.

Vessel activity

The BOA Thalassa has been in Asia for the full quarter positioned for expected

contract work in the region. During the period, the vessel has acquired 3D EM

data in Indonesia. EMGS has experienced interest from potential buyers of the

data, but the project is currently not supported by industry funding. The

vessel's utilisation for the first quarter was 23%.

The BOA Galatea started acquisition on a new phase of the multi-client project,

the Daybreak, in the US Gulf of Mexico on 22 December. The project was completed

on 26 January. After that, the vessel started on a new project, called the

Radiant, which is located close to the Daybreak. The project has received

industry interest, but is currently not pre-funded. The project was completed on

2 April. The vessel's utilisation came in at 88% this quarter.

The Atlantic Guardian commenced the announced Barents Sea multi-client campaign

on 5 January. The campaign, which was done in cooperation with TGS and supported

by industry funding, covered approximately 10 new blocks in the Nordkapp and

Tiddly areas. Due to poor weather conditions, the duration of the campaign has

been somewhat longer than expected. The vessel's utilisation for the first

quarter was 95%.

The EM Leader started on the contract for BG Group on 16 December and worked on

the project the entire first quarter. The vessel's utilisation was 98% in the

first quarter.

Multi-client revenues in the first quarter

The Company expects to record a total of approximately USD 10 million in multi-

client revenues for the first quarter 2015. This is net of the contribution to

partners.

EMGS will publish its first quarter 2015 financial results on Thursday7 May

2015 at 07:30 CET. A presentation will be held at the Company's office address,

in Dronning Mauds gate 15 in Oslo, and will be broadcasted live over the

Internet, starting at 10:00 CET.

Contact

Svein Knudsen, EMGS chief financial officer, +47 911 41 149

Charlotte Knudsen, EMGS head of investor relations, +47 97 56 19 59

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.

[HUG#1909911]