Reference is made to the announcement dated 1st September 2006 regarding a Letter of Intent between Arrow Seismic ASA, a 54 % owned subsidiary of GC Rieber Shipping ASA, and WesternGeco for a state-of-the art multistreamer seismic new building to be delivered in November 2008.

 

The parties have now agreed to modify the agreement and to enter into a firm charter for the vessel for a fixed period of six years whereupon the continuation will be regulated by a put/call option to transfer the vessel to WesternGeco. The total value of the charter hire from the fixed charter and the purchase price under the put/call option is about EUR 152 million.

 

The agreement with seismic major WesternGeco confirms Arrow's position as a leading supplier of multistreamer seismic vessels to the marine seismic industry with cost efficient design and focus on safe and cost efficient operations.

 

For further information, please contact CEO Sven Rong, phone + 47 55 60 68 00.