Electromagnetic Geoservices ASA

Earnings Release • May 8, 2014

EMGS reports first quarter 2014 results

EMGS reports first quarter 2014 results

Electromagnetic Geoservices ASA's (EMGS) reported revenues of USD 61.3 million

in the first quarter 2014, up from USD 44.6 million in the previous quarter and

from USD 31.7 million in the first quarter last year. Contract sales totaled USD

46.4 million, while multi-client sales were at USD 14.9 million this quarter.

The Company had an EBITDA of USD 20.4 million and a net profit of USD 8.2

million.

The Company had two vessels operating on the contract for PEMEX in the quarter.

The Company also completed a survey in Australia, started working on a USD 8.3

million contract for a new customer in Morocco and commenced its first major

multi-client project in the US Gulf of Mexico.

"We are happy to deliver our best quarterly revenues so far. In addition, we are

investing in future growth through new multi-client projects, including the most

exciting multi-client area in the world; the US Gulf of Mexico," says CEO of

EMGS, Roar Bekker.

EMGS reiterates its guidance to deliver 2014 revenues of more than USD 200

million. The Company is investing in new and important multi-client libraries

going forward and firmly believes that these investments will yield good returns

and new investment opportunities for both 2014 and the years to come. In

addition, recent agreements with regulating authorities, new customers, as well

as increased interactions with both existing and potential new customers add to

the Company's positive outlook for 2015 and beyond.

Please find the full report for the first quarter 2014 and the presentation of

the results enclosed, or by clicking on the links below.

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.

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