SCAN Adversely Affected by Lower Production Rates
SCAN Geophysical revenue for the fourth quarter of 2007 is expected to be approximately U.S. $17.7 million and the EBITDA for the fourth quarter 2007 is expected to be in the range of minus U.S. $1.3-1.8 million, resulting in a positive EBITDA for the full year 2007 in the range of U.S. $10.6-11.2 million.
The EBITDA in the fourth quarter has been adversely affected by a combination of lower revenues and increased operational costs. The reduction of revenues is caused by class docking for M/V Geo Searcher and lower production than expected for M/V SCAN Resolution, mainly due to delayed production permits. The contractual day rates have been good for both vessels in the period.
The higher cost level is mainly caused by increased G&A costs, data processing costs and personnel related costs.
These estimated financials are subject to change. SCAN will report its audited fourth quarter 2007 results on Thursday February 28, at 0900 am CET, at Felix Konferansesenter, Aker Brygge, Oslo.
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