SCAN Reports Downtime on 3D Vessel

SCAN Geophysical ASA on Wednesday announced that the vessel SCAN Resolution experienced a failure of its steering system in mid-December, causing the towed seismic equipment to tangle.

Det Norske Veritas (DNV) has inspected the vessel with a full report of the incident and approved the vessel for safe operations.

The onboard crew acted professionally and efficiently during the incident, allowing the equipment to be safely recovered without significant damages, nor any injury to the personnel.

The SCAN Resolution has now returned to the survey area offshore Venezuela, and was back in full operation on Wednesday.

The company's Fourth Quarter 2006 financial performance will be negatively affected by the loss of revenues from Scan Resolution.

SCAN Geophysical ASA was established in 2002 as a Norwegian 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 launch three new state-of-the-art 3D vessels and one 2002-built 2D vessel in the next 12 months. The administration is located in Oslo, with representatives in Moscow, Houston, Singapore and Caracas.

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