Wavefield Inseis ASA

Wavefield Inseis ASA (OSL:WAVE) Oslo, Norway, 23 October 2008. Wavefield Inseis ASA will release its 2008 third quarter financial results on Tuesday 28 October 2008 at approximately 08.00 am CET.

Wavefield Inseis ASA (OSL:WAVE) Wavefield Inseis ASA has been awarded a contract to supply an ocean bottom seismic sensor system for reservoir monitoring at the ConocoPhillips' operated Ekofisk field in the North Sea. The contract will be executed through the Trondheim based company Optoplan AS - a fully owned subsidiary of Wavefield Inseis. Marine installation is planned for 2010 with the installation contract to be awarded at a later date.

Wavefield Inseis ASA (OSL:WAVE) Wavefield Inseis today announced that they have been awarded a long term contract for 3D seismic services by ONGC. Commencing during the fourth quarter this year the contract is for a programme of 3D surveys offshore India to be acquired each season through to 2011. The total contract value is in excess of $170million.

Wavefield Inseis ASA (OSL:WAVE) Reference is made to Wavefield's press release of 28 August 2008 regarding the arbitration against TGS-NOPEC ASA. According to the time schedule agreed with the arbitration panel in August 2008, Wavefield filed on 26 September 2008 a claim for compensation against TGS. The claim is based upon misrepresentation and serious breach of information obligations regarding TGS' weak performance in Q3 2007, which was announced immediately after Wavefield shareholders approved the merger between the parties.

Wavefield Inseis ASA (OSL:WAVE) Wavefield Inseis has today entered into a sale and leaseback arrangement with Norwegian Oilfield Services AS (NOS) for the Vessel Geowave Voyager, currently under outfitting in Singapore. NOS is a new ship owning company focusing on providing vessels and vessel related services to the oilfield service industry. The Vessel, including seismic equipment, will be time chartered for a seven year firm period, from date of delivery from yard. The Time Charter also includes an option for a ten one years extension. The M/V Geowave Voyager including seismic equipment has been sold as a vessel under construction for $ 144 million. The sale and leaseback arrangement has the following structure;

Wavefield Inseis ASA (OSL:WAVE) Atle Jacobsen, CEO of Wavefield Inseis ASA, purchased 12,000 shares in Wavefield Inseis on Friday 29 August at a price of NOK 31.29 per share. After the transaction Mr Jacobsen holds 574,167 shares in the company.

Wavefield Inseis ASA (OSL:WAVE) In an official meeting with the arbitration panel arranged August 28th., Wavefield Inseis ASA ("Wavefield") officially notified TGS and the arbitration panel that if the merger agreement is terminated by TGS, Wavefield will immediately initiate a lawsuit against TGS with a claim for compensation. To avoid any further delay, Wavefield Inseis requested and it was agreed that this lawsuit will be a part of the forthcoming hearing described below, so that there will be one single judgement from the arbitration panel covering both TGS' and Wavefield's claim for compensation.

Wavefield Inseis ASA (OSL:WAVE) The capital increase of NOK 1,140 in Wavefield Inseis ASA (WAVE) following the stock options exercised as notified Oslo Stock Exchange on August 28, 2008 were registered in the Company Register in Brønnøysund August 28, 2008. 28,500 new shares are being issued and registered in VPS. Total share capital in WAVE is NOK 5,175,330.44 consisting of 129,383,261 shares, each with par value of NOK 0.04.

Wavefield Inseis ASA (OSL:WAVE) Oslo, Norway, 28th August 2008. On Wednesday 27th August 2008 employees of the company exercised 28,500 options. The company's share capital is to be increased by NOK 1,140 from NOK 5,174,190.44 to NOK 5,175,330.44 by issuing 28,500 new shares at par value of NOK 0.04. The total new number of shares will be 129,383,261.

Wavefield Inseis ASA (OSL:WAVE) We refer to the press release from TGS dated 19 August 2008 informing Wavefield Inseis that they will not complete the merger, according to the revised merger plan.