SCAN, Ship France Nix Sale & Lease-Back Agreement for 3 New Builds

SCAN Geophysical announced that the sale and lease-back agreement with Ship Finance International Ltd., dated in March 2007, has been terminated.

During the weekend SCAN has been working with an alternative solution, and has reached a mutual understanding with Pacific First Shipping Pte, Singapore (PFS), whereby PFS will acquire the vessels with seismic equipment and lease them back to SCAN on bare boat charters. PFS is affiliated with ABG Group, which is the majority owner of ABG Shipyard in India.

SCAN plans to raise up to NOK 150 million in new capital provided completion of the sale and lease-back transaction with PFS.

The release of the company's third quarter results will be postponed to Friday, November 7, 2008.
 

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