Bergen, Norway, 22 December 2006. Wavefield Inseis AS announces today that it has formally finalised the acquisition of the Houston based multi-client seismic data specialist AIM Geophysical in a cash only transaction.

Founded in 2000, AIM Geophysical has been extremely successful in attracting industry interest in the multi-client 3D data sets it has acquired both on and off the shelf in the highly competitive Gulf of Mexico region using traditional towed streamer technology and Ocean Bottom Cables (OBC).

The reputation of AIM Geophysical and their focus on the Gulf of Mexico will greatly enhance the current international portfolio and multi-client business development activities of Wavefield Inseis. This acquisition is in line with the company’s growth strategy of expanding the seismic vessel fleet and optimising utilisation of vessel capacity within the exclusive contract and multi-client seismic market.

AIM Geophysical will continue to provide Gulf of Mexico multi-client services under its name but will actively integrate its experience and expertise into all aspects of the multi-client business unit of Wavefield Inseis.

David Wegner, President of AIM Geophysical, stated that, “This transaction provides AIM with an extensive fleet of world class vessels and highly experienced operations personnel which will enable us to begin executing our multi-client strategy in the Gulf of Mexico in early 2007.”

Company information

Wavefield Inseis is a Norwegian company providing a range of proprietary and non-exclusive multi-client marine geophysical services using highly specified vessels and the latest seismic equipment. From its main offices in Oslo and Bergen, Norway, Wavefield Inseis has a global reach, with activities in the Americas, Europe, Africa, the Middle East and Asia . The company was founded by a number of the most experienced people in the geophysical industry in order to provide a high quality range of services aimed at increasing the exploration success of its clients and to assist them in maximising production from their existing reservoirs.

Wavefield Inseis’ range of proprietary and non-exclusive Multi-client services includes long offset 2D, high capacity 3D, 4D, Multi-azimuth and Wide-azimuth data acquired with highly specified vessels and the latest seismic equipment. The company is also a full service permanent 4D acquisition provider and will, through a number of strategic alliances, bring new technologies to market to further accelerate and de-risk the replenishment of its clients' reserves.

www.wavefield-inseis.com

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

Or

Erik Hokholt, CFO, Wavefield Inseis AS
Tel: +47 67 82 84 00
Email: erik.hokholt@wavefield-inseis.com

Press contact is Tom Miller at Vector Marketing Communications
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