SCAN Geophysical ASA (SCAN) today announced that the seismic vessel M/V SCAN Stigandi will be upgraded to Ice Class standard and prepared for four-streamer capacity instead of the previously planned three-streamer configuration. The vessel will commence operation late November and not in the third quarter as previously announced.


The upgrade involves additional strengthening of the main deck in order to accommodate an additional large streamer winch. In addition, the vessel is being prepared for a retractable azimuth thruster to be fitted when available early next year by installing a hull unit and associated equipment.


The upgrade to Ice Class standard will enable the vessel to extend its operations to polar


zones. This upgrade includes replacing steel plates on the ship’s side with thicker steel plates. The extended conversion will imply US $1.3 million in additional investments on the vessel.


Further, it will be invested in additional seismic equipment early next year. An increase from three- to four-streamer capacity will increase the vessel’s revenue potential and make it attractive for a larger range of surveys. The additional investments will be covered by SCAN through increased day rates or by increased capital expenditures.


The vessel is currently being converted from a modern 2002-built trawler to a seismic vessel at Irving Shipbuilding Inc., in Halifax, Nova Scotia, Canada. The yard is scheduled to deliver the vessel on October 26, 2007, and it is expected that the vessel will start to generate revenue from late November.

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