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2014-05-08

EMGS: EMGS reports first quarter 2014 results

Electromagnetic Geoservices ASA's (EMGS) reported revenues of USD 61.3 million
in the first quarter 2014, up from USD 44.6 million in the previous quarter
and from USD 31.7 million in the first quarter last year. Contract sales
totaled USD 46.4 million, while multi-client sales were at USD 14.9 million
this quarter. The Company had an EBITDA of USD 20.4 million and a net profit
of USD 8.2 million.
The Company had two vessels operating on the contract for PEMEX in the
quarter. The Company also completed a survey in Australia, started working on
a USD 8.3 million contract for a new customer in Morocco and commenced its
first major multi-client project in the US Gulf of Mexico.
"We are happy to deliver our best quarterly revenues so far. In addition, we
are investing in future growth through new multi-client projects, including
the most exciting multi-client area in the world; the US Gulf of Mexico,"
says CEO of EMGS, Roar Bekker.
EMGS reiterates its guidance to deliver 2014 revenues of more than USD 200
million. The Company is investing in new and important multi-client libraries
going forward and firmly believes that these investments will yield good
returns and new investment opportunities for both 2014 and the years to come.
In addition, recent agreements with regulating authorities, new customers, as
well as increased interactions with both existing and potential new customers
add to the Company's positive outlook for 2015 and beyond.
Please find the full report for the first quarter 2014 and the presentation of
the results enclosed, or by clicking on the links below.
Contacts

Roar Bekker, EMGS chief executive officer, +47 911 41 149

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, visitwww.emgs.com
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
First quarter presentation 2014
http://hugin.info/137402/R/1783562/610859.pdf
First quarter report 2014
http://hugin.info/137402/R/1783562/610839.pdf

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: EMGS via Globenewswire

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