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SCAN vessels get new delivery dates

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OSLO, Norway -- SCAN Geophysical ASA and ABG Shipyard have agreed on a revised production schedule for the three 10-streamer vessels currently being built by ABG in India.

According to the revised production schedules, new expected delivery dates for M/V SCAN Empress, M/V SCAN Finder and M/V SCAN Superior become Dec. 31, 2008, July 22, 2009, and Oct. 31, 2009, respectively.

ABG now is committed to increased liquidated damages for later deliveries, and SCAN is committed to bonus payments for delivery on or before these dates.

The average vessel cost has been revised to $91 million per vessel including bonuses and seismic equipment.

07/02/2008

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