SCAN Geophysical Completes Private Placement

SCAN Geophysical ASA has raised NOK 117.65 million at NOK 1.00 per share, through issue of 117,650,000 new shares.  

SCAN Geophysical ASA has also entered into an agreement with Deep Sea Supply ASA, securing an optional share issue of NOK 20 million, through an option for SCAN Geophysical ASA  to issue 20 million new shares at NOK 1.00 per share. This agreement is a substitution for committed cash payments to Deep Sea Supply ASA related to delivery of SCAN Geophysical ASA three new builds. 

Completion of the private placement is conditional upon finalization of a sale and lease back agreement with PFS Shipping Pte. Ltd. Subject to such completion, the issued and registered share capital of SCAN Geophysical ASA will be NOK [210,907,700] divided on [210,907,700] shares with par value of NOK 1.00. 

Pareto Securities AS managed the private placement. The new shares will not be tradable until they have been fully paid and the share capital increase has been registered in the Norwegian Register of Business Enterprises and the VPS. 

A listing prospectus will be prepared in connection with the listing of the new shares on Oslo Axess. The new shares will be registered with the VPS and delivered to investors under a separate ISIN until it has been filed with, and approved by, Oslo Børs. 

The new shares will not be tradable on Oslo Axess until after the publication of such prospectus. SCAN Geophysical ASA's board of directors, based on an authorization from the EGM, has decided to conduct a subsequent repair offering of up to NOK 25 million at NOK 1.00 per share through issue of up to 25,000,000 shares. The subsequent repair offering will be directed to shareholders of SCAN Geophysical ASA that did not participate in the private placement, as of November 19, 2008. The shares in SCAN Geophysical ASA will trade excluding rights to participate in the subsequent repair offering from 20 November 2008.