V.Ships to Manage 3D Vessels for Scan

Scan Geophysical ASA has signed an agreement with V.Ships Management Limited for marine management of Scan's three new-build high capacity 3D streamer vessels, due to be launched in 2008.

The agreement, which calls for V.Ships to manage the Scan vessels for 10 years, was entered into in connection with the closing of the recently announced sale lease-back transaction with Ship Finance International Ltd. on a bare boat basis.

Scan's new vessels are purpose-built and specifically designed for efficient 3D seismic acquisition, with high streamer capacity of 10 tow points and streamer lengths of up to 10 km (applies for up to 8 streamers)--corresponding to a total capacity of 80-km streamers.

V.Ships, the world's largest provider of ship management services, manages a fleet of more than 900 vessels encompassing most ship types, including a considerable number of vessels owned by Ship Finance.

V.Ships operates from 52 offices in 26 countries, employing 1,350 office staff and 23,000 sea staff. Heavily experienced in operating vessels for the oil and gas industry, V.Ships works under the strictest QHSE requirements.

"We are very pleased to have one of the most experienced ship managers to operate Scan's state-of-the-art vessels. With V.Ship's extensive experience with the oil and gas industry, they comply with Scan's strict requirements for QHSE," said Lars Johan Frigstad, President and CEO of Scan. "With its network and offices worldwide, V.Ships will be able to operate our vessels in a most efficient way as well as provide high-quality marine crew, securing Scan's efficient production together with Scan's experienced seismic crew."

Scan Geophysical ASA was established in 2002 as a Norwegian seismic data acquisition company specializing in both marine streamer seismic and ocean bottom seismic. The company is currently operating one 2D and one 3D vessel and will soon launch one 2002-built 3D vessel and three newbuilding state-of-the-art 3D 8-10 streamer vessels. Scan's administration is located in Oslo, with representatives in Houston, Moscow, Singapore and Caracas.

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