Electromagnetic Geoservices ASA

Share Issue/Capital Change • Feb 20, 2014

Disclosure of rights to shares in North Energy ASA

Disclosure of rights to shares in North Energy ASA

Reference is made to the stock exchange notice of 14

February 2014, where it was announced that EMGS had

subscribed for 5,000,000 shares in North Energy ASA

(North) in the private placement resolved by North's

extraordinary general meeting held 13 February 2014

(the Private Placement). As stated in said notice,

EMGS will, when the new capital is registered and

these shares are issued, hold 5,000,000 shares in

North, equaling 4.46% of the shares and votes in

North.

In addition to the Private Placement, the

extraordinary general meeting held 13 February 2014

in North resolved the issuance of a NOK 75,000,000

convertible loan to EMGS as lender. As previously

announced, the convertible loan has a strike price of

NOK 4.15, coupon of 6% and a maturity of 6 months.

The right to convert the convertible loan to shares

in North can be exercised up to three times in the

conversion period from and including the date falling

four months after the settlement date to, but not

including, the date falling six months after the

settlement date. The settlement date is 19 February

With a conversion price at NOK 4.15 and convertible

outstanding loan amount of NOK 75,000,000, if fully

converted EMGS would be entitled to 18,072,289 shares

in North, which equals 16.1% of the 112,063,448

shares and votes in North after the Private Placement.

In the event of issuance of new shares or

subscription rights in North, EMGS will pursuant to

the terms of the convertible loan have shareholder

rights including preferential subscription rights

pursuant to §§ 10-4 and 11-4 of the Public Limited

Liability Companies Act, which may be applied

proportional to an equity interest of NOK 18,072,289,

or such adjusted equity interest that follows as a

consequence of adjusting the conversion price.

EMGS will, upon conversion, follow the regulation for

notifying ownership by issuing stock exchange notices

according to applicable regulations.

Contacts

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