Press Releases

Wavefield Inseis ASA (OSL:WAVE) TGS and Wavefield have today agreed to settle the dispute related to the merger process between the two companies. Under terms of the settlement, Wavefield will pay USD 12.5 million to TGS and TGS will charter a 2D vessel from Wavefield at favourable rates for an 18 month period beginning in April 2009. TGS will also have the option to hire up to 24 months of "un-contracted" 3D vessel capacity from Wavefield over the next four years at favourable rates, securing Wavefield engagement for vessel capacity. The arbitration process already in progress will be stopped and all claims either party have against the other party, its shareholders, board members, employees or advisors are waived.

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