SCAN Geophysical reported revenues of NOK117 million in the first quarter of 2008. The improved cash situation is a result of flexible payment schedules for seismic equipment, said the company.
An EBITDA of NOK5 million in the first quarter was affected by NOK9.1 million in costs for M/V SCAN Stigandi, which is not yet in production.
The company has received new seismic contracts for M/V Geo Searcher and the new vessel M/V SCAN Stigandi during the first quarter.
New delivery dates for newbuilds are scheduled for October 2008, April 2009 and May 2009.
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