Wednesday 22 March 2017

Magseis has today entered into an LOI with a large provider of offshore vessels regarding a potential charter of one of their vessels. Such agreement includes an option for the lease of certain seismic equipment.

Operational performance continues to be strong and the Company expects that Q1 2017 revenues will be at least in line with Q4 2016. With the recent announcement of an extension to the ongoing survey in the Red Sea backlog now amounts to more than USD 65 million for 2017 and the Company is ready to embark on its previously announced expansion plans.

The Board will consider the potential equipment financing in their evaluation of alternatives and make an announcement on the preferred financing strategy in due course.

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