SCAN Buys Another Seismic Vessel



According to previously announced strategy SCAN Geophysical ASA has signed a purchase agreement for a 2002 built vessel for conversion into a High-End 2D seismic survey vessel with dual source capacity--SCAN’s sixth vessel.

By this transaction SCAN has secured another 2D seismic vessel with early delivery, and thereby secured further capacity in a very strong seismic market.

The new vessel, M/V Stigandi, is currently a stern trawler built in 2002. She will have the capacity to work as a High-End 2D vessel with up to 12 km streamer. She will also have the capacity to work as a source vessel with dual source capacity. The conversion is expected to commence during September 2006. The vessel may also be rigged with capacity to tow 3 x 4,6 km streamers for small-size 3D surveys.

j SCAN’s total capital expenditure is approximately US$28 million, including the seismic equipment for a 1 x 12 km 2D configuration. The company will enter into a sale-leaseback arrangement with a shipowner for the vessel but will own the seismic equipment.

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