Bergen, Norway, 8 September 2006. Following the recent merger of Wavefield Geophysical and InSeis, the resulting company - Wavefield Inseis AS - has already received a letter of intent from Statoil ASA to carry out 3D marine seismic acquisitions during 2007. This award is in addition to the 2006 season award from Statoil ASA which is due to commence shortly.

Due to commence on 1st May 2007, the surveys will deploy Wavefield Inseis' Geowave Commander and Geowave Champion vessels for five months each, on a number of 3D acquisitions at locations to be confirmed. The surveys will utilise the most advanced technology available including onboard QC using Geotrace Technologies' equipment and personnel.

Currently being converted in Norway, the Geowave Champion is expected to be fully operational by January 2007 and will become Wavefield Inseis' second, large capacity 3D vessel. The first, the Geowave Commander, will commence operations in September this year.

"We are delighted that Statoil has selected Wavefield Inseis for such a significant acquisition programme," commented Rick Donoghue, Wavefield Inseis' vice president sales and marketing. "This is an endorsement of our management team's reputation and we look forward to further strengthening this relationship."

Wavefield Inseis AS

Wavefield Inseis AS is a Norwegian marine geophysical company providing a high quality range of services including long offset 2D, high capacity 3D and full service permanent 4D acquisition. The company specialises in increasing the exploration success of its clients and assisting them in maximising production from their existing reservoirs.

www.wavefield-inseis.com

For further information contact:
Erik Hokholt, CFO, Wavefield Inseis AS
Tel: + 47 67 82 84 09.
Email: erik.hokholt@wavefield-inseis.com

Press contact is Tom Miller at Vector Marketing Communications
Tel: +44 1442 877167
Email: tom.miller@vector.co.uk
Web: www.vector.co.uk