SCAN Stigandi to be Upgraded to Ice Class Standard & Prepped for 4 Streamer

SCAN Geophysical ASA announced that the seismic vessel, M/V SCAN Stigandi, will be upgraded to Ice Class standard and prepared for 4 streamer capacity instead of the previously planned 3 streamer configuration. The vessel will commence operation late November and not in Q3 as previously announced.

The upgrade involves additional strengthening of the main deck in order to accommodate an additional large streamer winch. In addition, the vessel is being prepared for a retractable azimuth thruster to be fitted when available early next year, by installing a hull unit and associated equipment.

The upgrade to Ice Class standard will enable the vessel to extend its operations to polar zones. This upgrade includes replacing steel plates on the shipís side with thicker steel plates.

The extended conversion will imply USD 1.3 million in additional investments on the vessel. Further, it will be invested in additional seismic equipment early next year. An increase from three to four streamers capacity will increase the vesselís revenue potential and make the vessel attractive for a larger range of surveys. The additional investments will be covered by SCAN through increased day rates or by increased capital expenditures.

The vessel is currently being converted from a modern 2002 built trawler to a seismic vessel at Irving Shipbuilding, Inc., in Halifax in Canada. The yard is scheduled to deliver the vessel on October 26, 2007 and it is expected that the vessel will start to generate revenue from late November.

SCAN Geophysical ASA 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 streamer vessel, and will soon launch one 2002-built 3D vessel and three newbuild state-of-the-art 8-10 streamer 3D vessels during 2008. Administration is located in Oslo, with representatives in Caracas, Houston and Singapore.


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