Electromagnetic Geoservices ASA

EMGS commences 3D EM multi-client campaign and expands cooperation with TGS in Barents Sea

Electromagnetic Geoservices ASA (EMGS) and TGS have agreed to further expand the

companies' cooperation agreement in the Barents Sea. Currently, TGS has a 30%

ownership in the multi-client EM data over 17 blocks in the Hoop area. The

agreement will be expanded with 4 new blocks in the Hoop area and 14 blocks in

the southeastern area of the Barents Sea. TGS will take a 50% ownership in the

EM data over all the new 18 blocks.

"The expansion of this agreement further confirms the value of integrating 3D EM

data with seismic data to reduce risk and discover more in the Barents Sea. The

joint sales and marketing efforts will result in broad market exposure of our EM

data," says Roar Bekker, CEO of EMGS.

The contribution from TGS related to the expansion of the agreement will be

booked as a reduction of the carrying value of EMGS existing multi-client

library.

EMGS will shortly commence acquisition of 3D EM data in the southeast area of

the Barents Sea. The vessel Atlantic Guardian will acquire the data in the

southeast area. The full survey has a planned duration of 4 months and is

supported by industry funding.

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#1783689]

AI Terminal