Wavefield Says Geowave Champion Successfully Completes Sea Trials

Wavefield Inseis reports that the high-end 12-streamer capacity 3D vessel Geowave Champion successfully completed her sea trials this weekend. The formal vessel re-delivery from the Yard to the Vessel Owner is scheduled for Thursday July 19. The vessel will mobilize for Statoil next week. This is two weeks later than previously guided.

The high end 12 streamer capacity 3D vessel Geowave Master is on target for re-delivery from the Yard on or about the 20th July. The vessel will then transit directly to the North Sea and mobilize for Gas de France Norge. This is in accordance with original guidance.

The long offset 2D vessel Malene Ostervold is scheduled for delivery from the Yard end of July. The vessel will mobilize for Chevron during the first week of August. This is one month later then previously guided.

The company reiterates the annual revenue guidance for 2007 at the total amount of MUSD 190-200.