Electromagnetic Geoservices ASA

Capital/Financing Update • Dec 10, 2014

EMGS extends the charter agreement for the EM Leader at improved commercial terms

EMGS extends the charter agreement for the EM Leader at improved commercial terms

Electromagnetic Geoservices ASA (EMGS) has signed an extended charter agreement

for the vessel EM Leader with Seatrans (owner of the vessel) at new and improved

commercial terms. The previous agreement was up for renewal.

"We are very pleased with this new agreement. It maintains our flexibility to

reduce our vessel costs by approximately 25% if needed, and at the same time, it

secures our revenue capacity for four vessels. This is in line with our strategy

to retain a flexible business model," says Roar Bekker, CEO of EMGS.

EMGS will charter the vessel for 2 years and has 2 x 1 year options for

extension. The agreement includes different rates for when the vessel is in

operation, idle or laid up. The new operational rate represent a significant

saving compared to the previous.

The agreement provides EMGS with increased operational flexibility and improved

commercial terms, which already will benefit the Company when the vessel

commence the newly announced contract in Uruguay on 15 December 2014.

Contacts

Roar Bekker, EMGS chief executive officer, +47 911 41 149

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#1878729]