Press Releases

EMGS (OSL:EMGS) Reference is being made to the stock exchange release published on August 6, 2008 regarding the fully underwritten rights issue in the amount of NOK 250 million.

As previously communicated, the subscription price per share in the rights offering will be set at a 20% discount to the volume weighted average trading price of the EMGS share on the Oslo Børs during the five trading days following the announcement of the financial results for the second quarter (the 'VWAP Period'). The VWAP commenced today, August 22, 2008, and will last to and including Thursday August 28, 2008. The subscription price in the rights offering will in any event be no higher than the latest closing price registered in the VWAP Period.

Existing shareholders as at August 29, 2008 (the record date) will have a preferential right to be allocated new shares in the offering. The EMGS shares will commence trading on an ex-rights basis (i.e. exclusive of subscription rights) on September 1, 2008.

The subscription period and the trading in subscription rights on the Oslo Børs is expected to commence on or about September [4], 2008, subject to the approval by the Oslo Børs of the prospectus to be sent to the shareholders.

Contacts Svein Knudsen, EMGS chief financial officer +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 employs approximately 300 people from three main offices in Trondheim, Norway; Houston, USA; and Kuala Lumpur, Malaysia. The Company operates the world's largest EM vessel fleet and has conducted more than 350 surveys for many of the world's leading energy companies.

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

EMGS

http://www.emgs.no/

ISIN: NO0010358484

Stock Identifier: XOSL.EMGS