GGS Atlantic Sea Trials Slated for Next Week

GGS reported that the launch of the GGS Atlantic that was planned to take place on approximately December 15 had to be postponed until after the holidays. Sea trials are now scheduled to commence during the first week of 2007. The vessel will be deployed for the planned surveys west of Florida immediately upon mobilization.

GGS further reports that the execution of the new Multi Client survey announced in a notice to the Oslo Stock Exchange on 28 August 2006 will be delayed from the 4th quarter 2006 to early 1st quarter 2007 as a result of delayed availability of the Odin Explorer.

The impact of these two delays is that more than NOK 20 million of budgeted revenue will be delayed from the 4th quarter of 2006 to the first quarter of 2007. The delay of GGS Atlantic will also cause increased costs in the 4th quarter mainly associated with the bare boat time charter.

Further sales of the company`s Iran data are considered to be closely tied to the tender terms for the upcoming Iranian licensing round. These terms are expected to be published in the beginning of February 2007.

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