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    SCAN Geophysical issues update on newbuilds at ABG Shipyard

    Vessel & ROV News // July 9, 2008

    SCAN Geophysical ASA, which is building three 10-streamer vessels at ABG Shipyard in India, has issued an update on the progress of the vessels.

    Since late April 2008, SCAN and its yard supervisor V Ships have been working closely with the shipyard to achieve a performance related agreement to secure more reliable production schedules and delivery dates for the vessels, and an agreement has now been reached and is in force.

    According to the revised production schedules, the new expected delivery dates for SCAN EmpressSCAN Finder and SCAN Superior are 31 December 2008, 22 July 2009 and 31 October 2009, respectively.

    Based on these expected delivery dates, ABG Shipyard is committed to increased liquidated damages for later deliveries, and SCAN is committed to bonus payments for delivery on or before these dates and according to certain milestones.

    Furthermore, the average vessel cost (including bonuses) has been revised to US$91 million per vessel including seismic equipment.

    SCAN will continue to seek agreements with various equipment suppliers in order to improve payment terms according to the new expected delivery dates.

    Steel cutting and production of the third vessel, SCAN Superior, commenced, according to plan, on 11 June.

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