SCAN Snags $70MM Seismic Contract Offshore Venezuela

SCAN Geophysical ASA (SCAN) has been awarded the Company's largest ever seismic contract, an approximately US $70 million program from Petroleos de Venezuela SA (PDVSA) for 3,300 Km2 of 3D seismic work offshore Venezuela.

Preceded by earlier announced awards by PDVSA for seismic services offshore Venezuela, this contract calls for additional marine 3D seismic to be acquired in the Dragon Norte region. This award will backlog SCAN's proposed vessel, the M/V SCAN Resolution, into 3rd quarter of 2009.

"We are pleased that PDVSA has shown confidence in SCAN Geophysical by awarding us this contract, the largest to date for our Company," said Stephane Touche, Senior Vice President and COO of SCAN. "Keeping our 3D vessel working in this region for a major company is consistent with our overall strategy to maintain vessel presence in the Americas and to work directly for operating entities," he added.