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EMGS: EMGS - Vessel update and activity for the third 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 third quarter 2015 came in at 63% compared with 69%
for the third quarter in 2014. For the first nine months this year, the
vessel utilisation was 70%, the same as for the corresponding period last
In the third quarter of 2015, the Company's vessels were allocated 16% to
contract and 48% to multi-client programmes. In the third quarter of 2014,
the allocation was 31% and 38% respectively.
EMGS recorded 9.0 vessel months this quarter, compared with 11.4 vessel months
in the second quarter of 2014.
Vessel activity

TheBOA Thalassa
has been in Asia for the full third quarter positioned for expected contract
work in the region. The vessel was idle from the beginning of the quarter,
until commencement of the announced contract in Malaysia on 12 September.

The vessel's utilisation for this quarter was 26%.
TheBOA Galatea
acquired 3D EM data on the multi-client project called Lightning Bolt from 3
April to 15 July and from 28 July to 3 September. From 16 to 27 July, the
vessel acquired data on the multi-client project called Stratus. On 11
September acquisition commenced the announced contract work for Pemex in

The vessel's utilisation came in at 81% this quarter.
TheAtlantic Guardian
commenced a campaign in the Hammerfest basin on 15 April. The campaign had a
short break from 4 to 8 July and was completed on 16 September. The survey
was extended and ended up covering approximately 22 blocks in the Barents Sea
and 5 in the Norwegian Sea. After this, the vessel started on a short survey
in the Norwegian Sea on 17 September. The survey was completed on 2 October
and the vessel will be laid up in Bergen from 3 October until the beginning
of December.

The vessel's utilisation for the second quarter was 84%.
TheEM Leader
has been off-hire since 15 May.
Multi-client revenues and other announced measures impacting the third quarter

The Company expects to record a total of approximately USD 7 million in
multi-client revenues for the third quarter 2015. This is a combination of
pre-funding and late sales, and net of the contribution to partners.
In connection with the Company's announced cost reduction measures, EMGS will
book restructuring charges of USD 1.3 million and USD 1.5 million in the
third and fourth quarter respectively. In addition, a provision for onerous
contracts (loss on charter agreements) of USD 4.4 million will be booked in
the third quarter, related to expected idle time on the EM Leader and the
Atlantic Guardian in a given time period.
EMGS will publish its third quarter 2015 financial results on Thursday 5
November 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.

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,

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.


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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