Eastern Echo Pleased with CGGVeritas Offer

Eastern Echo Holding Board refers to the extended unsolicited offer from Schlumberger BV to acquire all outstanding shares, convertibles and warrants in Eastern Echo Holding Plc and the announcement made by Compagnie Generale de Geophysique - Veritas regarding its purchase of 30.9 million shares in Eastern Echo.

The Board is very pleased with the initiative made by CGG Veritas and to observe that two of the major players in the seismic industry are expressing such an interest in Eastern Echo. The Board is also pleased to note that the share price paid by CGG Veritas somewhat better reflect the underlying values of the company at this point in time.

The fact that Schlumberger BV is extending its offer is seen as positive for the investors to make a qualified judgment, however, in the Board's opinion, the offer period is still very short and the offer price does not reflect the prevailing market price or the underlying values of the company.

The Board, management and founding shareholders who together hold more than 14% of the share capital have today reiterated their intention not to accept the current offer from Schlumberger BV, as the Offer price of NOK 12 per share is considered not to represent a fair value of the company.


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