Electromagnetic Geoservices ASA

Earnings Release • Apr 7, 2014

EMGS - Vessel activity for the first quarter 2014

EMGS - Vessel activity for the first 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

provides the following summary of vessel activity and utilisation for the first

quarter of 2014:

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

spent on contracted or multi-client data acquisition.

Vessel utilisation for the first quarter 2014 came in at 66% compared with 63%

for the first quarter 2013.

In the first quarter this year, the Company's vessels were allocated 56% to

contract and 10% to multi-client programmes, whereas the allocation was 29% and

34% respectively in the corresponding quarter last year.

EMGS recorded 10.7 vessel months this quarter, compared with 10.0 in the first

quarter of 2013. The vessel EM Leader was chartered from 8 February 2014 and

thus contributes with 1.7 vessel months this quarter.

Vessel activity

The BOA Thalassa started the year waiting for environmental permits for a USD 5

million survey in Australia. The survey started on 25 January and was completed

on 2 February. The vessel transited to Morocco and started a new survey worth

approximately USD 8.3 million on 12 March. The survey in Morocco is expected to

be completed mid-April, after which the vessel will go to Norway. The vessel's

utilisation for the first quarter was 27%.

The BOA Galatea spent the entire first quarter acquiring 3D EM data on the USD

99.8 million contract with PEMEX. The vessel's utilisation came in at 91% for

this quarter.

The Atlantic Guardian completed its work on the PEMEX contract on 22 March. The

vessel then headed to Norway and is expected to commence on the newly announced

contract for North Energy in mid-April. The vessel's utilisation for the first

quarter was 83%.

The EM Leader was chartered from 8 February, when the vessel started its transit

from Las Palmas on the Canary Islands to the southern US Gulf of Mexico. The

vessel commenced the multi-client campaign, called Daybreak, on 22 February. The

campaign, which has a planned duration of approximately 3 months, is the first

phase in a planned multiphase program in the Alaminos Canyon and southern US

Gulf of Mexico. The EM Leader had a utilization of 63%.

Multi-client revenues in the first quarter

During the first quarter, the Company has announced USD 12.1 million in multi-

client late sales from the agreement with North Energy. Of this, USD 1.2 million

was booked in the fourth quarter. The Company expects to record approximately

USD 15 million in multi-client revenues for the first quarter. This is net of

the contribution to TGS related to the cooperation between the two companies in

the Barents Sea, the contribution from the multi-client late sales to OMV in

December and some pre-funding related to the multi-client campaign in the US

Gulf of Mexico.

EMGS will publish its first quarter 2014 financial results on Thursday 8 May

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

Roar Bekker, EMGS chief executive officer, +47 22 01 14 00

Svein Knudsen, EMGS chief financial officer, +47 22 01 14 00

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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