Wavefield Enters $37.5 Million Bridge Financing for Seismic Vessel

Wavefield Inseis ASA has entered into a bridge financing agreement in the amount of USD 37.5 million with Nordea Bank Norway. The financing will be used as interim financing for the new building of the 12 streamer seismic vessels Geowave Voyager, which is scheduled to be launched in third quarter of 2008.

The project loan previously given by TGS ASA in the amount of USD 37,5 million was fully repaid including interest as per December 31st 2007.

Wavefield Inseis ASA is a Norwegian marine geophysical company providing proprietary data acquisition services and offers a portfolio of non- exclusive Multi Client data to the global exploration community, developed in partnership with oil companies and governments. Our range of products includes long offset 2D, high capacity 3D, 4D, Multi-azimuth and Wide-azimuth data acquired with highly specified vessels and the latest seismic equipment. From our main offices in Bergen and Oslo, Norway, and our other locations in London, Houston and Perth, Wavefield Inseis has a global reach, with activities in the Americas, Europe, Africa, the Middle East and Asia.