SCAN Geophysical Signs LOI for 8,500 km 2D Survey Off Portugal

SCAN Geophysical ASA (SCAN) has signed a Letter of Intent (LOI) from Petrobras International Braspetro B. V. – Portugal Branch, on behalf of a consortium formed with Galp and Partex, for an 8,500 km high technology, long offset 2D survey off Portugal. SCAN's M/V Geo Searcher, currently working in the Mediterranean, is scheduled to commence operations by the end of June 2008.

The M/V Geo Searcher will be utilizing a 10,000 meter long MSX solid (gel-filled) streamer system and an approximately 4,000 cubic inch source array designed for low frequency output.

"Equipped with state-of-the-art seismic recording, positioning, source and processing systems, the Geo Searcher is ideally suited for worldwide high technology long offset 2D geophysical survey operations, such as this project for Petrobras" said Kjell Karlsson, vice president of sales and marketing for SCAN. "We believe the demand for these kinds of surveys will grow in the future," he added.