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    SCAN signs agreement for Scan Stigandi

    Vessel & ROV News // May 14, 2007

    SCAN Geophysical ASA has announced that the company has
    agreed to sell its 3-D vessel Scan Stigandi to the Neptune Seismic AS. The agreement includes a lease-back with a time charter agreement over 10 years plus options.

    Neptune Seismic AS is controlled by Neptune Offshore AS, and has recently signed an agreement with the Canadian shipyard Irving Shipbuilding of Halifax, Nova Scotia for conversion of Scan Stigandi.

    On delivery from the shipyard, the vessel will begin a 10-year time charter contract with SCAN on average day rates of approximately US$22,500 per day.

    The charter rate will be higher in the first three years and lower over the remaining seven years. The charterer will have further options after the charter period for additional 5 x 2 years.

    Built in 2002, Scan Stigandi is being converted to a modern 3-D vessel with solid streamer capacity of up to 3 x 6km for smaller 3-D surveys. She also will be capable of operating high-end, long
    offset 2-D seismic with a streamer length of up to 12km and high-capacity dual sources. Delivery is scheduled to be end of August 2007, when the vessel will commence operation.

    The seismic equipment has been fully financed through a financial lease agreement.

    SCAN will own 47.6 per cent of Neptune Offshore AS following an investment of approximately US$3.8 million.

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