Date: 3 November 2006

RISH - ARROW SEISMIC PURCHASES VESSEL(S) FOR CONVERSION TO SOURCE VESSEL(S)


Arrow Seismic ASA ("Arrow"), a 54 % owned subsidiary of GC Rieber Shipping ASA have entered into agreement to purchase the 1992 built cargo vessel "Sophie" for about USD 6,75 million. Further, Arrow has an option to purchase a sister vessel built in 1993 at a similar price. The option has to be exercised within medio November 2006.
 
Arrow, having access to winches and compressors for delivery in 2007, is planning to convert and renew the vessels to source vessels of high standard in order to meet the requirement of safety and comfort from the oil exploration industry. Total investment for the two vessels, including conversion cost, winches and compressors, is estimated to about USD 62 million.
 
The size of the vessels (92m x 17m) is sufficient for a further rigging of streamer winches as mulltistreamer 3D vessels. This alternative is being evaluated, depending on availability of propulsion upgrade.
 
For further information, please contact CEO Sven Rong, phone + 47 55 60 68 00.