SCAN Secures Short-Term Financing for Seismic Equipment

Reference is made to stock exchange notifications on December 15 from SCAN Geophysical ASA (SCAN) regarding new possible debt financing secured by seismic equipment.

SCAN has invested substantial amounts in seismic equipment for its three newbuilds and has succeeded to agree with its suppliers to rearrange the commitments for further investments in seismic equipment.

Based on this, SCAN has today raised new short-term debt financing of NOK 60 million with security in the seismic equipment. This financing is planned to be replaced by longer term financing during the first quarter of 2009.