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Wavefield Inseis ASA (OSL:WAVE) Wave - Reallocation Of Previous Announced Vessel Capacity For The North Sea 2009 Season

Wavefield Inseis ASA (OSL:WAVE) Wavefield Inseis has received a Letter of Cancellation from StatoilHydro related to the previous announced 4 months contract to acquire 3D seismic data in the North Sea for the 2009 season. The frame agreement between StatoilHydro and Wavefield Inseis will continue, which can be utilised, if exploration projects still will be performed in 2009. According to contract a cancellation fee will be paid by StatoilHydro.

As stated in separate press release, the need for high end capacity 3D vessels continue to be strong. In addition to the new contract awarded by ExxonMobil, the M/V Geowave Master has entered into another Letter of Intent with a mid size independent Oil Company for additional 3D seismic work during the 2009 North Sea season.

For further information, contact:

Atle Jacobsen, CEO, Wavefield Inseis ASA Tel: +47 56 11 48 00, Email: atle.jacobsen@wavefield-inseis.com

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

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, including our OPTOWAVE(TM) multi-component ocean bottom cable (4C OBC) system for permanent seismic 4D monitoring that uses optical sensor technology. We are also in the process of launching a new concept for EM acquisition and data analysis. From our main offices in Bergen and Oslo, Norway, and our other locations in London, Houston, Singapore and Perth, Wavefield Inseis has a global reach, with activities world wide.

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

Wavefield Inseis ASA

http://www.wavefield.no

ISIN: NO0010295504

Stock Identifier: XOSL.WAVE

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