EMGS (OSL:EMGS) Third Quarter 2008: Operational Flexibility Utilized

EMGS (OSL:EMGS) Highlights in the third quarter 2008:

* Revenues of USD 33.4 million * New 3D EM products rapidly replacing traditional 2D EM * Introduction of shallow water survey with USD 5 million contract in Malaysia o Broadens EMGS's addressable market * A share capital increase of NOK 250 million completed in the third quarter * Completion of the world's largest multi-client 3D EM survey in the Barents Sea

Subsequent important event: * Costs in EMGS scaled down to be in line with a fleet of three vessels operating during the winter months

The full third quarter report and presentation can be downloaded by clicking on the links below.

Contacts Terje Eidesmo, EMGS chief executive officer +47 73 56 88 10 Svein Knudsen, EMGS chief financial officer +47 22 01 14 00 Chris Guldberg, EMGS PR manager +47 73 56 88 10

About EMGS EMGS is the market leader in electromagnetic (EM) imaging. The company launched the EM imaging industry in 2002 with the commercialisation of seabed logging, a proven exploration method that uses EM energy to help oil companies in their search for hydrocarbons. EMGS provides a full suite of services, including data planning, acquisition, imaging and interpretation. The company's integration systems enable seamless integration of EM data with seismic and other geophysical and geological information, giving explorationists a clearer and more complete understanding of the subsurface. This proprietary and patented technology has been developed over the past 10 years bringing dramatic improvement to exploration decision-making in frontier and mature provinces.

EMGS operates the world's largest EM vessel fleet and has conducted more than 400 surveys across the world's mature and frontier offshore basins, for many leading energy companies. The company's main offices are in Trondheim and Stavanger, Norway; Houston, USA; and Kuala Lumpur, Malaysia.
Please visit www.emgs.com for the latest news and in-depth information about EMGS and EM imaging technology. For general enquiries please email findinghydrocarbons@emgs.com

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EMGS

http://www.emgs.no/

ISIN: NO0010358484

Stock Identifier: XOSL.EMGS