Release details

2017-07-07 10:24 CEST
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EMGS - Completion of Rights Issue in Electromagnetic Geoservices ASA

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN, HONG KONG, SINGAPORE OR THE UNITED STATES

Reference is made to the previous stock exchange announcements by Electromagnetic Geoservices ASA ("EMGS" or the "Company") regarding the rights issue of 58,634,735 new shares at a subscription price of NOK 2.45 per share (the "Rights Issue").

The subscription period in the Rights Issue expired on 6 July 2017 at 12:00 CET. A total of 52,065,521 shares were subscribed for in the Rights Issue, and as a result the Underwriters will subscribe for the remaining 6,569,214 shares. These remaining shares have been divided between the Underwriters according to their respective underwriting obligations. The Rights Issue will result in gross proceeds to the Company of NOK 144 million through the issuance of 58,634,735 new shares.

Notifications of allocated new shares and the corresponding amount to be paid by each subscriber will be sent to the subscribers today, 7 July 2017. Subscribers having access to investor services through their VPS account will be able to check the number of new shares allocated to them from 12:00 CET today. Payment for the allocated new shares falls due on 11 July 2017.

The new shares may not be transferred or traded until they are fully paid by the individual subscriber and the new shares have been registered with the Register of Business Enterprises. Subject to payment being received when due, the new shares are expected to be delivered to the respective subscribers' VPS account on or about 14 July 2017.

The new shares are expected to commence trading on Oslo Børs on or about 14 July 2017.

Following the registration of the new share capital in the Norwegian Register of Business Enterprises, the Company will have 91,428,874 shares outstanding, each with a par value of NOK 1.00.

For further information, please 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.

For more information, visit www.emgs.com

Important information:
The release is not for publication or distribution, in whole or in part directly or indirectly, in or into Australia, Canada, Japan, Hong Kong, Singapore or the United States (including its territories and possessions, any state of the United States and the District of Columbia).

This release is an announcement issued pursuant to legal information obligations, and is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. It is issued for information purposes only, and does not constitute or form part of any offer or solicitation to purchase or subscribe for securities, in the United States or in any other jurisdiction. The securities mentioned herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "Securities Act"). The securities may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act. The Company does not intend to register any portion of the offering of the securities in the United States or to conduct a public offering of the securities in the United States. Copies of this announcement are not being made and may not be distributed or sent into Australia, Canada, Japan, Hong Kong, Singapore or the United States. The issue, exercise, purchase or sale of subscription rights and the subscription or purchase of shares in the Company are subject to specific legal or regulatory restrictions in certain jurisdictions. Neither the Company nor the Receiving Agent assumes any responsibility in the event there is a violation by any person of such restrictions.

This communication is only being distributed to and is only directed at persons in the United Kingdom that are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") or (ii) high net worth entities, and other persons to whom this announcement may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). This communication must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this communication relates is available only to relevant persons and will be engaged in only with relevant persons. Persons distributing this communication must satisfy themselves that it is lawful to do so.

This announcement is an advertisement and does not constitute a prospectus for the purposes of Directive 2003/71/EC (as amended, together with any applicable implementing measures in any Member State, the "Prospectus Directive").

The distribution of this release may in certain jurisdictions be restricted by law. Persons into whose possession this release comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. The Receiving Agent is acting for the Company and no one else in connection with the Offering and will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients or for providing advice in relation to the Offering and/or any other matter referred to in this release.

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

HUG#2118840