Electromagnetic Geoservices ASA

Major Shareholding Notification • Dec 16, 2015

EMGS - Disclosure of large shareholdings

EMGS - Disclosure of large shareholdings

After the allocation of shares in the Rights Issue in Electromagnetic

Geoservices AS (EMGS) on 15 December 2015, the following shareholders and

primary insiders of EMGS hereby give notice of large shareholdings:

Siem Investments Inc. (Siem) has been allocated 290,843,061 shares at NOK 0.25

per share. Following this transaction, Siem will have a shareholding of a total

of 313,769,927 shares representing 23.92% ownership in EMGS.

Perestroika AS has been allocated 260,864,807 shares at NOK 0.25 per share.

Following this transaction, Perestroika will have a shareholding of 279,754,256

shares representing 21.33% ownership in EMGS.

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1973862]