EMGS’ principles for corporate governance are based on the following elements:

• All shareholders are treated equally
• EMGS will provide open, reliable and relevant communication to shareholders,
  governmental bodies and the public about the Company’s activities and its
  corporate governance commitment
• EMGS’ Board is fully independent from the Company’s executive management
• The EMGS’s Board has a majority of members who are independent of
• EMGS pays particular attention to ensuring that there are no conflicts of
  interest between the interests of its shareholders, the members of its Board
  and its executive management
• EMGS will ensure a clear division of responsibility between the Board and the
   executive management

Implementation and reporting

The board of directors (the “Board”) of Electromagnetic Geoservices ASA (the “Company” or “EMGS”) is committed to maintaining a high standard of corporate governance, in line with both Norwegain and international best practice standards. In addition to having a contious focus on corporate governance, the Board and the executive management of the Company carries out, on an annual basis, a comprehensive review and evaluation of its principles for corporate governance and the implementation of these. This report (the “Report”) summarises the Company’s corporate governance work and compliance with applicable requirements, and fulfils the Company’s reporting obligations under applicable law and other legal frameworks.

EMGS is a Norwegian-registered public limited liability company, with its shares listed on the Oslo Stock Exchange (Oslo Børs).

The Norwegian Accounting Act Section 3-3b, which the Company is subject to, sets out certain corporate governance related information which is to be disclosed and reported on through the issuance of an annual reporting document. This Report meets the requirements provided by the Acounting Act. The Accounting Act is available on www.lovdata.no.