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2015-04-10

EMGS: EMGS - Vessel update and activity for the first quarter 2015

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.
Vessel utilisation for the first quarter 2015 came in at 76% compared with 66%
for the first quarter 2014.
In the first quarter of 2015, the Company's vessels were allocated 24% to
contract and 52% to multi-client programmes. For the corresponding quarter in
2014, the allocation was 56% and 10% respectively.
EMGS recorded 12 vessel months this quarter, compared with 10.7 in the first
quarter of 2014.
Vessel activity

TheBOA Thalassa
has been in Asia for the full quarter positioned for expected contract work in
the region. During the period, the vessel has acquired 3D EM data in
Indonesia. EMGS has experienced interest from potential buyers of the data,
but the project is currently not supported by industry funding. The vessel's
utilisation for the first quarter was 23%.
TheBOA Galatea
started acquisition on a new phase of the multi-client project, the Daybreak,
in the US Gulf of Mexico on 22 December. The project was completed on 26
January. After that, the vessel started on a new project, called the Radiant,
which is located close to the Daybreak. The project has received industry
interest, but is currently not pre-funded. The project was completed on 2
April. The vessel's utilisation came in at 88% this quarter.
TheAtlantic Guardian
commenced the announced Barents Sea multi-client campaign on 5 January. The
campaign, which was done in cooperation with TGS and supported by industry
funding, covered approximately 10 new blocks in the Nordkapp and Tiddly
areas. Due to poor weather conditions, the duration of the campaign has been
somewhat longer than expected. The vessel's utilisation for the first quarter
was 95%.
TheEM Leader
started on the contract for BG Group on 16 December and worked on the project
the entire first quarter. The vessel's utilisation was 98% in the first
quarter.
Multi-client revenues in the first quarter

The Company expects to record a total of approximately USD 10 million in
multi-client revenues for the first quarter 2015. This is net of the
contribution to partners.
EMGS will publish its first quarter 2015 financial results on Thursday7 May
2015 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

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.

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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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