emgs Secures Growth Plan with Additional Charters

Electromagnetic Geoservices ASA (emgs) has entered into an agreement to charter the platform supply vessel "Siem Mollie" for three years. emgs has also declared an option to extend the current charter for the vessel "Sasha" until first quarter 2010. Both vessels are owned by Siem Offshore Inc.

"Siem Mollie" is under construction in Norway, and the vessel is scheduled for delivery to emgs on 1 August 2007. "Siem Mollie" will be operational shortly thereafter. The vessel will become the fifth vessel in the emgs fleet.

emgs has agreed to pay a dayrate of USD 28,500, increasing to USD 29,500 per day when certain upgrading paid by the ship owner is finished.

"Sasha" is already a part of emgs` operational fleet. emgs has now decided to extend the current charter for this vessel until first quarter 2010. The parties have agreed on a dayrate of USD 28,500.

"This represents an important step forward in building emgs' seabed logging capabilities," said Terje Eidesmo, emgs' CEO. "With the fifth vessel in place and two more purpose-built vessels coming during 2008, emgs' growth is secured through 2008. emgs is continuously evaluating various opportunities to handle further growth.

emgs is the global market leader for the provision of seabed logging services, a technology that enables the detection of hydrocarbons beneath the seabed prior to drilling. emgs has developed this proprietary and patented technology over the past 10 years. Since its incorporation as a separate company in 2002, emgs has conducted more than 200 commercial surveys for many of the world`s leading oil and gas companies and offshore operators.

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