Electromagnetic Geoservices ASA

Earnings Release • Oct 7, 2014

EMGS - Vessel update and activity for the third quarter 2014

EMGS - Vessel update and activity for the third quarter 2014

Electromagnetic Geoservices ASA (EMGS) releases information on vessel activity

and utilisation 4-5 working days after the close of each quarter. The Company

defines "vessel utilisation" as the percentage of the vessel charter period

spent on contracted or multi-client data acquisition.

Vessel utilisation for the third quarter 2014 came in at 69% compared with 77%

for the third quarter 2013.

In the third quarter this year, the Company's vessels were allocated 31% to

contract and 38% to multi-client programmes, whereas the allocation was 35% and

42% respectively in the corresponding quarter last year.

EMGS recorded 11.4 vessel months this quarter, compared with 9.9 in the third

quarter of 2013.

Vessel activity

The BOA Thalassa worked on different contracts in Norway in July and August, and

started its transit to Asia on 9 September. The vessel's utilisation for the

third quarter was 65%.

The BOA Galatea completed its planned yard stay on 9 July and headed towards

Canada on 10 July. The announced multi-client campaign offshore Canada started

on 24 July and continued throughout the quarter. The vessel's utilisation came

in at 63% for this quarter.

The Atlantic Guardian has acquired data on the Company's multi-client campaign

in the Barents Sea in the quarter, as well as completed contracts for Statoil

and OMV. The vessel's utilisation for the quarter was 91%.

The EM Leader completed the multi-client campaign in the US Gulf of Mexico on

20 August, after which the vessel transited to St Thomas for a short stay, off

charter, before further transit to Brazil. The vessel commenced the contract for

Petrobras on 25 September. The EM Leader had a utilisation of 55% on 2.4 vessel

months in the third quarter.

Multi-client revenues in the third quarter

The Company expects to record a total of approximately USD 12 million in multi-

client revenues for the third quarter 2014. This is net of the contribution to

TGS related to the cooperation between the two companies.

EMGS will publish its third quarter 2014 financial results on Thursday 6

November 2014 at 07:30 CET. A presentation will be held at Hotel Continental in

Oslo, Norway, and will be broadcasted live over the Internet, starting at 08:30

CET.

Contact

Svein Knudsen, EMGS chief financial officer, +47 911 41 149

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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