EMGS

Subsequent Offering

Pressemelding   •   des 16, 2009 10:07 CET

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EMGS - Subsequent Offering

Oslo, 15 December 2009: Electromagnetic Geoservices
ASA ("EMGS" or the "Company" - OSE:EMGS),

Reference is made to the stock exchange releases
dated 2 December 2009 regarding a private placement
of new shares in the Company ("Private Placement")
and a possible subsequent offering ("Subsequent
Offering").

Pursuant to the authority granted by the Annual
General Meeting on 3 June 2009 and with reference to
the Private Placement, the Company has resolved to
conduct the Subsequent Offering of up to 4,000,000
new shares. The Subsequent Offering may generate up
to NOK 18,000,000 in gross proceeds to the Company.

In the Subsequent Offering, preferred allocation will
be given to shareholders of the Company who as at 1
December 2009 (as recorded with the VPS on 4 December
2009 and visible in the VPS on 7 December 2009) held
175,000 shares or less in the Company or were not
contacted to participate or who did not participate
or leave an order in the Private Placement ("Eligible
Shareholders"). Allocation, to investors subscribing
for offer shares in the Subsequent Offering, of any
remaining shares in the Subsequent Offering will be
at the discretion of the Board of the Company. For
technical settlement purposes the Eligible
Shareholders will receive 1 non transferable
preferential right per 1 share owned on 1 December
2009. All Eligible Shareholders will have the right
to subscribe for and be allocated 0.2677 offer shares
for each preferential right they hold. The number of
offer shares allocated will be rounded down to the
nearest integral number. After the expiry of the
subscription period, the preferential rights will be
of no value.

The subscription price in the Subsequent Offering
will be NOK 4.5 per share, the same as the
subscription price in the Private Placement.

The subscription period will be from and including 23
December 2009 to 12 January 2010 at 17:30 (Oslo
Time), provided that a prospectus has been approved
by Oslo Børs. In the event a prospectus is not
approved within 23 December 2009, the subscription
period will be postponed accordingly.

A prospectus containing detailed information
regarding the terms of the Subsequent Offering
(the "Prospectus"), is currently under review by Oslo
Børs and is scheduled to be approved on or about 21
December 2009. After approval, the Prospectus will be
sent by post to all Eligible Shareholders. The
Prospectus will also be available electronically on
EMGS' web site www.emgs.com and at the Manager's
website www.first.no. Detailed allocation principles
and other terms of the Subsequent Offering are
described in the Prospectus.

The Subsequent Offering is managed by First
Securities AS (the "Manager").

The subscription office for the Subsequent Offering
is:

First Securities AS
Fjordalleén 16 Aker Brygge
P.O. Box 1441 Vika
N-0115 OSLO
Norway
Tel: +47 23 23 80 00
Fax: +47 23 23 80 11

Contact
Roar Bekker, EMGS chief executive officer, +47 73 56
88 10
Svein Knudsen, EMGS chief financial officer, +47 22
01 14 00

About EMGS
EMGS uses its proprietary electromagnetic (EM)
technology to support oil and gas companies in their
search for offshore hydrocarbons. The company is the
EM market leader, and provides Clearplay, the world's
first fully integrated EM system.

Three service offerings - Clearplay Find, Test and
Evaluate - have been designed to assist operators in
the exploration and production phase. Clearplay
supports each stage in the workflow, from survey
design and data acquisition to processing and
interpretation. The services enable 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 the world's first purpose-built 3D EM
vessel fleet and has conducted more than 450 surveys
to improve drilling success rates across the world's
mature and frontier offshore basins. The company
operates on a worldwide basis with main offices in
Trondheim and Stavanger, Norway; Houston, USA; and
Kuala Lumpur, Malaysia. Please visit www.emgs.com for
more information.