EMGS - Vessel update and activity for the first qu

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. Downtime (technical or maritime) and some standby activities are not included in the utilisation. Vessel utilisation for the first quarter 2017 was 92% compared with 55% for the first quarter in 2016. In the first quarter of 2017, the Company's vessels were allocated 92% to multi-client projects and no time was spent on contract work. In the comparable quarter of 2016, the vessels were allocated 29% to contract work and 26% to multi-client projects. EMGS recorded 6.0 vessel months in the quarter, this includes three months when Thalassa was laid up. In the first quarter 2016, the Company recorded 4.8 vessel months. Vessel activity The Atlantic Guardian has acquired data on a prefunded multi-client survey in the Barents Sea from the beginning of November to the beginning of March. Following that, the vessel commenced another multi-client survey in the Barents Sea which is expected to be completed late April. The vessel's utilisation for the first quarter was 92%. The BOA Thalassa completed a contract in Malaysia on 1 January. The vessel has been idle at a reduced rate after the contract work in Malaysia. The days where the vessel is laid up are not included in the utilisation number. The vessel's utilisation for the first quarter was 0%. Multi-client revenues in the first quarter The Company expects to record approximately USD 3 million in multi-client revenues for the first quarter 2017. EMGS will publish its first quarter 2017 financial results on Thursday 11 May 2017 at 07:30 CET. A presentation will be held at the Company's office address, at Dronning Mauds gate 15 in Oslo, and will be broadcasted live over the Internet, starting at 10:00 CET. Contact Hege Veiseth, EMGS Chief Financial Officer, +47 992 16 743 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 exploration experts 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. For more information, visit www.emgs.com This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.