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2017-02-09

EMGS: EMGS reports fourth quarter 2016 results

Electromagnetic Geoservices ASA (EMGS) recorded revenues of USD 12.0 million
in the fourth quarter 2016, down from USD 20.5 million in the fourth quarter
2015 and up from USD 4.5 million in the third quarter 2016. Contract sales
totalled USD 8.0 million, while multi-client sales amounted to USD 4.0
million. The Company has reduced its quarterly cost base, consisting of all
operational costs including multi-client investments, from USD 29.4 million
in the fourth quarter last year to USD 14.3 million this quarter. EBITDA
ended at negative USD 2.1 million, up from negative USD 8.0 million in the
fourth quarter 2015. Free cash decreased with USD 1.7 million from the
previous quarter.
During the quarter, the BOA Thalassa worked on the announced contract in
Malaysia. Atlantic Guardian has acquired data on multi-client projects in the
Barents Sea.

"We continue to be challenged by a market in which cost controls, reduced
spending and reduced activity take center stage. However, technology
improvements, the cost reduction program and an overall organisational
realignment, as announced over the course of the year, have put us in a much
better position going forward." says CEO of EMGS, Christiaan Vermeijden.

Please find the full report for the fourth quarter 2016 enclosed. The results
will be presented at 10:00 CET today at the Company's premises in Dronning
Mauds gate 15 in Oslo. The presentation will be published at 09:30 CET.

Contact

Hege Veiseth, CFO, +47 99 21 67 43

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 offices in Trondheim, Oslo, Houston,
Villahermosa, Rio de Janeiro and Kuala Lumpur.

This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Fourth quarter report 2016
http://hugin.info/137402/R/2077050/781248.pdf

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This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq 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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