SCAN Geophysical ASA Well positioned with a modern Fleet ... - OTC

S C A N
SCAN Geophysical ASA
Well positioned with a modern Fleet for the Future
CEO Lars Johan Frigstad - December 4, 2006

S C A N
SCAN History
• 2005 – started its first streamer vessel “Geo Searcher”, owned by Eidesvik
• 2005 – contracted its second vessel “Scan Resolution”, owned by Shipman
• 2005 – got the founders of PGS, Norvestor, as its new main shareholder
• 2006 – purchased 3 early delivery new-builds (high capacity 8 streamers)
• 2006 – completed a share issue of USD 50 mill. at NOK 13 pr share
• 2006 – was listed on the Norwegian OTC list, first trading at NOK 13,50 pr share
• 2006 – started operation of Scan Resolution, in 3D mode with 4 streamers
• 2006 – purchased 1 new vessel “Stigandi” to be converted to a 2D/3D vessel
• 2006 – completed a USD 30 mill. subordinated convertible bond issue
• 2006 – Q3 figures released, confirming SCAN’s planned revenue growth

S C A N
SCAN in brief
• SCAN is providing 2D and 3D marine seismic acquisition with a High Quality Fleet
- 2 vessels in operation in 2006 (1 2D and 1 3D) – SCAN successfully started 3D op. in Q3
- 5 vessels in operation in 2007 (1 new 2D/3D and 2 new high capacity 8 streamer vessels)
- 6 vessels in operation in 2008 Q1 (1 new 3D vessel)
- positioned within high-end 2D and small-large size 3D with 3-8 streamers with long offset
• SCAN offers to its clients 2D, 3D, 4D, 2C, 4C and processing services
- SCAN offers its Ocean Bottom Stations for 4C seismic at water depths of up to 6000m
- SCAN has developed a low cost concept for Shallow Water Seismic with Ocean Bottom Cables
- processing of seismic data is outsourced to partners
• SCAN has a low cost base compared to the majors
• SCAN is focusing on propritary work on contractual basis
• SCAN’s strong management team has in average 22 years of seismic experience
• SCAN is aiming for listing on the OSE in Q1 2007

S C A N
Introduction to Seismic
Source Recording
Air-gun
• conceptions
- 2D, 3D & 4D
- hydrophones & geophones – “seismic microphones”
- streamers use - hydrophones
- 2C & 4C
Liquids (P-waves)
- OBC & nodes use - hydrophones & geophones
streamer
OBC
Hydrophone Geophones
Nodes
- hydrophones receive P-waves - geophones receive S-waves 3 D
1 2 3 4
2C 4C
2 D
3 D + t im e = 4 D

S C A N Focused Strategy within attractive Seismic Segments
Low-End 2D
1 str x 6-8.000 m
2D 3D
streamer
High-End 2D
1 str. x 9-12.000 m
OBC
Small-Size 3D
≤ 500 km2
3 str. x 3.500 m +
Deep water SW
Medium-Size 3D
≤ 1.000 km2
6 str. x 6.000 m
Shallow Water
2D/ 3D
1-300m water depth
Large Survey 3D
≥ 1.000 km 2
8 - 16 str. x 6.000 m
land cable
TZ Land

S C A N SCAN has a modern Fleet – well positioned
Market segment
10+
Streamers
3-8
Streamers
High-end 2D
Low-end 2D
Main focus industry players
SMNG COSL GSI Caspian Geo
Offshore Seismic Survey Polar Expedition
NOREX

S C A N Key Adm. – more than 200 years of seismic experience
• Lars Johan Frigstad
• Stephane Touche
• Arne Ottdal
• Kjell Karlsson
• Alf Hesthag
• Pål Slaatsveen
• Keith Prior
• Andrey Razin
• Patrick Pitaud
President & CEO
Lars J. Frigstad
- CEO – ex PGS (13 years seismic experience)
- COO – ex CGG (15 years)
SVP & COO VP QHSE QHSE Assistant
Stephane Touche Arne Ottdal Alexandra Bihr
VP CFO VP Sales&Market. VP Operations Technical Man. VP SWS
Tove Presterud Kjell Karlsson Alf Hesthag Andrey Razin Patrick Pitaud
Fin. Controller Office Manager Lawyer Sales&Mark. FE Vessel Manager Technical Superv. Crewing Techn. Eng. SWS
Jorunn Mørk Monika Minge Patrick Murphy Jean-Y. Beninger Pål Slaatsveen Keith Prior Victor Mironenko Pierre Corre
Accountant Sales&Mark. Am. Op. Supervisor Purchasing Man. Crewing
Øyvind Thorsen TBA René Wallach Yuri Razin Katerina Razina
- VP HSE – ex Seabird (8 years + 37 years maritime)
- VP Sales & Marketing – ex Geco, PGS and CGG (35 years)
- VP Operations – ex Geco and Fugro (25 years)
- Vessel Manager – ex PGS (26 years)
- Vessel Manager – ex Western (29 years)
- Technical Manager - former President of Large (22 years)
- VP Shallow Water – ex CGG (30 years)

S C A N M/V Geo Searcher – 2D/3D
• capacity for High-End 2D & Small-Size 3D
- built 1982/2005
- high streamer capacity - up to 1 x 12 km in 2D mode - or 3 x 4.6 km in 3D mode
- high shooting capacity - up to 7500 cuin @ 2000 PSI
- TC over 3 years + optional 3 x 1 years (Eidesvik)

S C A N M/V Scan Stigandi – 2D/3D
• capacity for High-End 2D & Small-Size 3D
- built 2002/2007
- high streamer capacity - up to 1 x 12 km in 2D mode - or 3 x 4.6 km in 3D mode
- dual source with high shooting capacity - up to 8000 cuin @ 2000 PSI
- expected delivery in May 2007 – to be the most modern 2D vessel in the market

S C A N M/V Scan Resolution – 3D – 4/6 streamers
• capacity for Medium-Size 3D
- built 1983/1990/2000/2006
- streamer capacity of 4 x 6 km streamers – planned upgraded to 6 x 6 km
- state of the art APG Bolt air guns with 2 x 4000 cuin @ 2000 PSI
- TC over 3 years + optional 3 x 1 years (Shipman – the Østervold Group)

S C A N 3 purpose built Vessels – 3D – 8 streamers – long offset
• capacity for Medium/Large-Size 3D
- expected deliveries: Nov and Dec-07 and Jan-08
- the highest 8 streamer capacity in the market: up to 8 x 10 km – long offset
- purpose built state of the art seismic vessels
- sale-lease-back in progress

S C A N A strong Project Man. Org. in place for the new-buildings
Stephane Touche (SCAN) Lawyer/Olav Vikar (Thommassen)
Keith Prior (SCAN)
Sigmund Sorensen (PolarKonsult, Project Manager)
Frank Johnsen (PolarKonsult, ABG Surat)
Kishore Bedekar (PolarKonsult, ABG Surat) SeaTech (Design Bureau, Singapore)
Surveyors (PolarKonsult)
- Hull
- Machinary & Piping
- Nautic
- Electric
- Automation
ABG (Mumbai & Surat)
• the process on track at the ABG Shipyard
- however, deliveries delayed to Nov, Dec-07 and Jan-08 due to a flood hitting the entire region
- a professional Project Management team Managed by Polarkonsult on site and in Norway
- hull shape improved without any delay in delivery timing – state of the art design
- the vessel’s streamer capacities increased by 67% to 8 x 10 km cable without any delay
- ABG appears professional, and the cooperation with the yard is very good

S C A N
8
7
6
5
4
3
2
1
0
SCAN’s modern Fleet is rigged for the Future
Source: Carnegie/SCAN
SCAN 3D Vessels Total 3D Vessels
36 km streamer capacity 252 km streamer capacity
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
• 88% of SCAN’s streamer capacity relates to new vessels built in 2002-2008
- 3 high capacity 8 streamer vessels from 2007-2008 are all on long term charters
- 1 high-end 2D/3D vessel from 2002 – the most modern 2D vessel – is on long term charter
- the vessels from 82-83 both have a very high standard – secured for another 5 and 6 years
- SCAN expects clients to be more focused on high quality vessels in the future

Geo Searcher
Scan Resolution
Scan Stigandi
Scan Superior
Scan Finder
Scan Profile
S C A N Very good Vessel Activity throughout 2006
2 0 0 6
Jan Feb March April May June July Aug Sept Oct Nov Dec
Transit
India
Conversion Poland
GXT India 2D 17,000 km
Transit
to Med
Numhyd
Tun. 2D
1000 km
Conversion
3D Malta
Med Oil / TGS
Tunisia 3D 610
sqkm
Tech. Stop
Algeciras
Transit to
Venzuela
NIO Pakistan
4630 km
Major Oil
Company
Venezuela 3D
Block 3 -
315 sqkm

S C A N SCAN attractive positioned in 2007 as capacity is scarce
Geo Searcher
Scan Resolution
Scan Stigandi
Scan Superior
Scan Finder
Scan Profile
2 0 0 7
Jan Feb March April May June July Aug Sept Oct Nov Dec
Major Oil
Company
Venezuela 3D
Cardon3 - 530
sqkm
Asia 2D
Conversion Europe
West Atlantic Area
Building ABG India
Asia 2D
Building ABG India
Building ABG India
Atlantic Area
Atlantic Area Atlantic Area
Asia 2D
Asia Area

S C A N SCAN will operate in a broad geographical Range
SCAN offices/representations
Main areas targeted for marketing and operations

S C A N
SCAN Geophysical ASA
Rådhusgaten 23
0158 Oslo
Norway
Tel: + 47 24 11 10 00
Fax: + 47 24 11 10 10
E-mail: mail@scangeo