SCAN Stigandi Conversion Cost $8M More than Expected

The M/V SCAN Stigandi vessel is currently being converted to a 3D seismic acquisition vessel at the Irving Shipyard in Halifax, Canada. Delivery is expected on March 15, 2008. The final cost, including the upgrade to ice class and four streamer configuration, is estimated to be approximately U.S. $8 million higher than for the three streamer vessel originally planned. SCAN Geophysical is responsible for this investment, which will be paid by increased time charter rate or as an additional investment.