Highlights 2006

• Successful demerger of our former production business, Petrojarl
  
  
• Continued strong safety performance
  
  
• Strong full year cash flow and significant debt reduction
  
  
• Significant improvement in our marine seismic contract operating profit margins
  
  
• Significantly increased Onshore revenues and operating profit
  
  
• Higher pre-funding levels and multi-client late sales
  
  
• Re-entry into the Gulf of Mexico with a new, large multi-client survey
  
  
• Commencement of construction on two new and enhanced Ramform vessel

2007 Developments
January through May 2007

• Started executing our share repurchase program
  
  
• Entered into agreements with the Japanese Ministry of Economy, Trade and Industry (“METI”) regarding the sale of Ramform Victory, subject to a four- to ten-year service agreement
  
  
• Proposed to pay a special dividend of NOK 10 per share and commenced an evaluation of a delisting of our ADSs from the New York Stock Exchange and a deregistration of our ADSs and shares under the U.S. Securities Exchange Act