SCAN has completed a private placement

SCAN Geophysical ASA ("SCAN") successfully completed a private placement of approximately NOK 315 million on June 30, 2006, by issuance of 24,230,000 shares at a price of NOK 13 per share. SCAN will now be listed on the OTC list, and the pricing implies a market capitalization of the company of NOK 1,065 million after completion of the offering.

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