SCAN to Extend Book-Building Period for Private Placement

Reference is made to stock exchange notification of November 17, 2008 where SCAN announced that it had retained Pareto Securities AS to advice on and effect on a private placement of shares raising gross proceeds of up to NOK 150 million.

The Board of SCAN has decided to extend the book-building period for the placement. The book is following such extension expected to close at 17:30 (CET) today, November 18, 2008, however so that the Board still reserves the right to close or extend the book-building period at any time. The Company's extraordinary general meeting which was opened yesterday at 17:00 (CET) with the purpose of resolving inter alia the issuances of the shares has as a consequence and after decision by the general meeting not been adjourned, and will reconvene today.

In collaboration with Oslo Børs the Company shares, trading under ticker SCANG, will pending close of the book-building and adjournment of the EGM continue to be halted from trading until further notice from the Company.