Electromagnetic Geoservices ASA

Earnings Release • Jan 7, 2015

EMGS - Vessel update and activity for the fourth quarter 2014

EMGS - Vessel update and activity for the fourth 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 fourth quarter 2014 came in at 63% compared with 50%

for the fourth quarter 2013.

In the fourth quarter of 2014, the Company's vessels were allocated 39% to

contract and 24% to multi-client programmes. Included in the time spent on

contract is approximately 2% allocated to paid R&D, which is testing of the new

equipment set ("the JIP"). For the fourth quarter 2013, the allocation was 46%

and 4% respectively.

EMGS recorded 9.9 vessel months this quarter, compared with 11.1 in the fourth

quarter of 2013.

For the full year 2014, the vessel utilisation ended at 69%, while the

utilisation was at 67% for the full year 2013.

Vessel activity

The BOA Thalassa had its transit to Asia in the beginning of the quarter and

started working on the announced contract in Malaysia on 23 October. After

completion of this contract on 12 November, the vessel spent six days testing

for the new equipment set ("the JIP"), before transit to Thailand. The vessel

worked on the project for PTTEP International in Thailand from 2 to 11 December,

transited to Myanmar and completed the project for the same customer here from

13 to 24 December.

The vessel's utilisation for the fourth quarter was 43%.

The BOA Galatea worked on the multi-client campaign offshore Canada from 24 July

to 4 December. The start-up of the campaign was delayed due to a yard stay,

which resulted in tougher weather conditions and reduced efficiency in the

acquisition, explaining the extension of the campaign. The vessel had a short

yard stay in Charleston, before it started acquisition on a new phase of the

multi-client project, the Daybreak, in the US Gulf of Mexico on 22 December.

The vessel's utilisation came in at 73% this quarter.

The Atlantic Guardian acquired data on projects for Statoil and North Energy in

September and October, after which the vessel had its planned yard stay from 13

October to 19 December. In this period, the vessel was off-hire (EMGS does not

pay charter) and thus the vessel only had 0.9 vessel months this quarter.

The vessel's utilisation for the fourth quarter was 57%.

The EM Leader completed the contract for Petrobras on 8 November. The vessel

spent a few days doing an audit for BG Group, before commencing on the announced

research project for the Pontifical Catholic University (PUCRS) of Rio Grande do

Sul and Petrobras' Research and Development Center called CENPES on 18 November.

This project was completed on 3 December. The EM Leader started on the 3.5 month

contract for BG Group on 16 December.

The vessel's utilisation was 74% in the fourth quarter.

Multi-client revenues in the fourth quarter

The Company expects to record a total of approximately USD 25 million in multi-

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

TGS related to the cooperation between the two companies.

EMGS will publish its fourth quarter 2014 financial results on Thursday 5

February 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 10:00

CET.

Contact

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

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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