Scan Applies for Listing on Oslo Exchange

Following a decision that its board made last Friday, Scan Geophysical ASA has applied for a listing of the company's shares and convertible bonds on the Oslo Stock Exchange. Effective April 24, the company is subject to the disclosure of information requirements in the Stock Exchange Regulations section 5-1.

Scan has issued a five-year NOK 202.5 million subordinated convertible bond, with Norsk Tillitsmann ASA as trustee. Each bond has a nominal value of NOK 540,000. The bonds are registered in the VPS. The company has resolved to seek listing also of this convertible loan on Oslo Stock Exchange in connection with the listing of the company`s shares.

The application is expected to be considered at the meeting of the Board of Directors of the Oslo Stock Exchange on May 23, 2007.

"As oil and gas companies continue to expand their exploration and production activities, they are likely to increase their expenditures on tools that will identify new reserves over the years to come. As a leading provider of high quality seismic acquisition services with high ambitions, we believe Scan is in an excellent position to deliver shareholder value," said CEO Lars Johan Frigstad.

New shares to be issued in connection with the listing are likely to be offered both in a public offering and in a private placement among institutional investors in accordance with applicable laws. Transaction details will be published later.

Scan Geophysical ASA was established in 2002 as a seismic data acquisition company specializing in both marine streamer seismic and ocean bottom seismic. The company is currently operating one 2D and one 3D vessel, and will soon launch one 2002 built 3D vessel and three new building state-of- the-art 3D 8-10 streamer vessels. The administration is located in Oslo, with representatives in Houston, Moscow, Singapore and Caracas. Scan Geophysical ASA is currently listed on the Norwegian OTC list.

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