Electromagnetic Geoservices ASA

Capital/Financing Update • Jan 20, 2017

EMGS - New charter agreement for the BOA Thalassa

EMGS - New charter agreement for the BOA Thalassa

Electromagnetic Geoservices ASA (EMGS) has signed a new charter agreement for

the vessel BOA Thalassa with BOA SBL AS (owner of the vessel) at new and

improved commercial terms. The new terms are valid through 1 October 2019 with

an option to extend the new agreement through 1 April 2021. EMGS and the owners

have agreed to a reduction of the charter hire rate by approximately 20%.

EMGS and BOA SBL AS have also agreed to some additional flexibility during

2017. The new contract will have a firm start on 1 October 2017, but the vessel

remains available, as an option to EMGS, on a project by project basis between

1 April (expiry date of current contract) and 1 October 2017. The new terms are

valid in this period.

"We are pleased to see that our suppliers continue to contribute to the targeted

cost savings in the Company. The new terms provide for a sound commercial basis

when the market turns and provide a level of desired flexibility over the course

of 2017," says Christiaan Vermeijden, CEO of EMGS.

Contact

Hege Veiseth, EMGS Chief Financial Officer, +47 992 16 743

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 exploration experts 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 offices in Trondheim, Oslo, Houston,

Villahermosa, Rio de Janeiro and Kuala Lumpur.

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.