WAVE - New 3D Contract with BG Group plc Gives Highest Ever Backlog for Wave
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TMCnews
[November 27, 2007]

WAVE - New 3D Contract with BG Group plc Gives Highest Ever Backlog for Wave

(Hugin Via Thomson Dialog NewsEdge) Wavefield Inseis ASA has been issued a Letter of Intent (LOI) by BG Group plc (BG) to award a 3D seismic contract for Block 6302/6, located in BG's Tulipan West licence (PL 388) in the Norwegian Sea.

The survey will be the first time the two companies have worked together and it will utilize the Geowave Master, one of Wavefield's two new large multi-streamer vessels launched earlier this year. The survey will take place during 2008 and is expected to take between 2 and 3 months to acquire.



"We are extremely pleased to be selected by BG and look forward to working with them on this project." commented Rick Donoghue, Wavefield Inseis' vice president sales and marketing.

This contract is one out of several awards that Wavefield Inseis has received during the last few weeks and brings the backlog as of 27th November up to its highest ever value and means that 60% of the existing capacity is already sold for 2008.



About Wavefield Inseis ASA Wavefield Inseis ASA is a Norwegian marine geophysical company providing proprietary data acquisition services and offers a portfolio of non-exclusive Multi Client data to the global exploration community, developed in partnership with oil companies and governments. Our range of products includes long offset 2D, high capacity 3D, 4D, Multi-azimuth and Wide-azimuth data acquired with highly specified vessels and the latest seismic equipment. From our main offices in Bergen and Oslo, Norway, and our other locations in London, Houston and Perth, Wavefield Inseis has a global reach, with activities in the Americas, Europe, Africa, the Middle East and Asia.

For further information, contact:

Rick Donoghue, Vice President Marketing and Sales, Wavefield Inseis ASA Tel: +44 1293 897466 Email: rick.donoghue@wavefield-inseis.com

Or

Erik Hokholt, CFO, Wavefield Inseis ASA Tel: +47 67 82 84 09 Email: erik.hokholt@wavefield-inseis.com

Copyright 2007 Hugin ASA (publisher previously given as Hugin AS, Inc) , Source: The Financial Times Limited

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