Wavefield Secures High-End 3D Vessel, 10 Stream

Wavefield Inseis has secured additional high-end 3D streamer capacity. With continued very strong long term demand for marine seismic 3D services, the new 10 streamer vessel, which will be completed at an Asian yard, is due to be operational in early Q3 2008. This will be in time to meet the company's near term requirement for high capacity vessels as it continues the expansion of it's modern fleet to meet long-term future market trends.

The steelwork on the 95-meter long hull is already 100% completed and all of the major machinery is already installed, including main engines, compressors, thrusters, winches and other handling equipment. The total capex for the vessel, together with all the seismic equipment including solid streamers, is an estimated $140 million. The vessel was originally ordered by another contractor, which was unable to take delivery, thus it is part of the already planned world wide fleet expansion.

CEO Atle Jacobsen said of the new acquisition: "Our time to market with this top of the range high capacity vessel will mean we will further improve our ability to operate in the very profitable high-end market segments of 4D, multi-azimuth and wide-azimuth acquisition."