Electromagnetic Geoservices ASA

Earnings Release • Apr 8, 2016

EMGS - Vessel update and activity for the first quarter 2016

EMGS - Vessel update and activity for the first quarter 2016

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. Downtime (technical or maritime)

and standby activities is not included in the utilisation.

Vessel utilisation for the first quarter 2016 came in at 55% compared with 76%

for the first quarter in 2015.

In the first quarter of 2016, the Company's vessels were allocated 29% to

contract and 26% to multi-client projects. In the comparable quarter of 2015,

the vessels were allocated 24% to contract work and 52% to multi-client

projects.

EMGS had two vessels in operation in the first quarter 2016. The Atlantic

Guardian, was offhire for approximately 1.2 vessel months due to a planned yard

stay, thus the Company recorded 4.8 vessel months in the quarter. In the first

quarter 2015, the Company had three vessels in operation and recorded 12 vessel

months.

Vessel activity

The BOA Thalassa started the announced contract work in India on 4 January

2016. The project was completed on 26 February. Following the contract work in

India, the vessel commenced on a multi-client project west of India on 12 March.

The project is estimated to be completed in April.

The vessel's utilisation for the first quarter was 73%.

The Atlantic Guardian was idle in January and offhire on a planned yard stay

from 31 January until 5 March. The vessel commenced a multi-client project in

the Hammerfest Basin on 10 March. The project continued throughout the quarter

and is expected to be completed in the first part of May.

The vessel's utilisation for the first quarter was 38%.

The EM Leader has been laid up since 15 May 2015.

Multi-client revenues in the first quarter

The Company expects to record zero multi-client revenues in the first quarter

EMGS will publish its first quarter 2016 financial results on Thursday 12 May

2016 at 07:30 CET. A presentation will be held at the Company's office address,

in Dronning Mauds gate 15 in Oslo, and will be broadcasted live over the

Internet, starting at 10:00 CET.

Contact

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 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 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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