Electromagnetic Geoservices ASA

Major Shareholding Notification • Dec 9, 2015

Notice of Shares Subscribed in EMGS - correction

Notice of Shares Subscribed in EMGS - correction

GEORGE TOWN, GRAND CAYMAN, 9 December 2015 - SIEM

INDUSTRIES INC. noted that its wholly-owned

subsidiary, Siem Investments Inc., had earlier

announced that it would hold an ownership of

169,849,858 shares in the issued and outstanding

shares Electromagnetic Geoservices ASA (OSE Symbol:

EMGS), a publicly-traded Norwegian company listed on

the Oslo Stock Exchange, upon completion of EMGS's on-

going Rights Issue and that such ownership would

consist of its current shareholding and the exercise

of subscription rights to subscribe for new shares of

EMGS. Due to a calculation error, the correct

aggregate number of issued and outstanding shares of

EMGS that will be owned by Siem Investments upon

completion of the Rights Issue is 170,549,724 shares,

or 13.0%.