SCAN Geophysical: Revenues Back on Track in Q1 2008

SCAN Geophysical reported revenues of NOK117 million in the first quarter of 2008. The improved cash situation is a result of flexible payment schedules for seismic equipment, said the company.

An EBITDA of NOK5 million in the first quarter was affected by NOK9.1 million in costs for M/V SCAN Stigandi, which is not yet in production.

The company has received new seismic contracts for M/V Geo Searcher and the new vessel M/V SCAN Stigandi during the first quarter.

New delivery dates for newbuilds are scheduled for October 2008, April 2009 and May 2009.