Scan Successfully Completes Private Placement

Scan Geophysical ASA on Monday said that the company has successfully completed a private placement of 8 million shares at a price of NOK 28 per share, with gross proceeds of NOK 224 million.

On May 2, 2007, Scan announced a planned private placement of 6-8 million shares and retail offering of 2-4 million shares, and a secondary sale of 10 million shares in relation to the forthcoming listing on the Oslo Stock Exchange or Oslo Axess.

On May 11, 2007, Scan successfully completed a private placement of 8,000,000 new shares at a subscription price of NOK 28.00 per share. Gross proceeds from the share issue amounted to NOK 224,000,000.

The secondary sale of 10,000,000 existing shares at NOK 28.00 per share was completed by the three shareholders Norvestor IV L.P. with 9,500,000 shares, Loyd AS with 440,000 shares (Lars Johan Frigstad) and Geolistic Inc. with 60,000 shares (Patrick Pitaud). After the sale Norvestor IV L.P. will remain the largest shareholder with 19,584,900 shares (21,77%) and Loyd AS will remain the third largest shareholder with 7,901,200 shares (8,78%). The selling shareholders, together with Millenium Geo-Venture (Stephane Touche), has agreed to a six month lock up for their remaining shares.

The private placement and secondary sale of shares were oversubscribed and have contributed to a further strengthening of the shareholder base in Scan. The new shareholders are both Norwegian and international investors.

The transaction was executed by Pareto Securities as Lead Manager and DnBNOR Markets as Co-Manager. Both will conduct the retail offering of 2 million shares in the period May 21-25. The first day of trading at the Oslo Stock Exchange or Oslo Axess is planned to be on or around June 1, 2007.

Scan was established in 2002 as an international 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 launch the M/V Scan Stigandi this year and three new building state-of-the-art 3D 8-10 streamer vessels next year. Administration is located in Oslo, with representatives in Moscow, Houston, Singapore and Caracas.

Scan Geophysical ASA is listed on the Norwegian OTC list and expects a listing on the Oslo Stock Exchange or Oslo Axess on or around June 1, 2007.


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