Electromagnetic Geoservices ASA

Board/Management Information • Aug 24, 2015

Stig Eide Sivertsen is appointed as Chief Executive Officer of Electromagnetic Geoservices

Stig Eide Sivertsen is appointed as Chief Executive Officer of Electromagnetic Geoservices

Bjarte Bruheim has decided to step down as Chief Executive Officer of

Electromagnetic Geoservices ASA with immediate effect. He has held this position

since 7 January 2015, and before that, he held the position as the company's

executive chairman since 2004. The board of directors wishes to express its

gratitude to Bjarte Bruheim for his valuable contribution to the company through

many years.

EMGS has initiated a search for a new CEO.

Until a permanent CEO is in place, Stig Eide Sivertsen has been appointed new

CEO. As the CEO cannot be a member of the board of directors, according to the

Norwegian Public Limited Liability Companies Act, Sivertsen has voluntarily

resigned as board member with immediate effect. Sivertsen has served on the

Board and chaired the Company's audit committee. He has previously, among

others, worked for Schibsted ASA, Petroleum-Geo services ASA and Telenor ASA. He

holds a BA (Hons) Econ and an M.Sc from University of Durham and supplementary

Law degree from Universitet i Bergen.

"With the current low prices on oil, EMGS faces new challenges that require the

company to take action. We are confident that Stig Eide Sivertsen is the right

person to lead the company until a permanent solution is in place," says the

chairman of the board, Eystein Eriksrud.

"As the oil and gas industry is experiencing difficult times, it is even more

important to provide the best solutions to our customers and to scale the

operations to fit customer demands to maintain profitability. I look forward to

take on the role as CEO to develop EMGS together with our highly qualified

team," says CEO, Stig Eide Sivertsen.

Contacts

Eystein Eriksrud, chairman of the board, +47 93 44 91 55

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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