WAVE First Large 3D Contract with BP and 2D contract with OMV

9/14/2007, 11:22 AM (Source: GlobeNewswire)

Oslo, Norway, 14 September 2007. Wavefield Inseis ASA has been
contracted by BP to carry out a seismic survey to the west of the
Shetland Islands. The project, due to commence in May 2008, is
expected to take 35-45 days and will involve a 4D marine survey
within block 204 of the UK Continental Shelf.

Located over the Schiehallion, Loyal and Foinaven fields,
approximately 190km west of the Shetland Islands, the survey will be
acquired by one of Wavefield Inseis' large capacity 3D vessels and a
source vessel for undershooting.

After a rigorous tender process, BP selected Wavefield Inseis for the
project ahead of a number of other operators. The first time the
companies have worked together, the 4D survey will rely on Wavefield
Inseis' leading edge acquisition technology and experience of 4D
marine projects.

"The agreement with BP represents another significant step forward
for Wavefield Inseis," commented Rick Donoghue, Wavefield Inseis'
vice president sales and marketing. He continued, "We are delighted
to be awarded this 4D survey and look forward to working with BP on
many other projects."

On the other side of the globe OMV have also awarded a contract to
Wavefield Inseis for a major 2D project offshore New Zealand. The
programme of over 17,000 kms is due to commence in October this year
and will be acquired by the 2D vessel M/V Discoverer II over areas of
both the Great South Basin and the Taranaki Basin. Commenting on the
award, Wavefield Inseis regional Marketing and Sales Manager Tim
Spencer stated "Our aim is to become a major force in this region and
so we are delighted to have been awarded this project by OMV."

These contracts have not previously been announced in our back-log.

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