Date: 14 December 2006

RISH - LETTER OF INTENT FOR ARROW SEISMIC NEWBUILDING 534


Arrow Seismic ASA ("Arrow"), a 54 % owned subsidiary of GC Rieber Shipping ASA and GC Rieber Shipping Ltd. ("RSL"), as 100 % owned ship management company of GC Rieber Shipping ASA, has entered into a non binding Letter of Intent with seismic major Compagnie Générale de Géophysique ("CGG") for a state-of-the-art high capacity seismic new building to be delivered April 2009.
 
The Letter of Intent describes an agreement between CGG and Arrow to enter into a firm 12 year bare boat charter for the vessel including insea seismic equipment, whereupon the continuation will be regulated by a put/call option. The parties have agreed not to disclose the commercial terms. The Letter of Intent with seismic major CGG confirms Arrow's position as a leading supplier of high capacity seismic vessels to the marine seismic industry with cost efficient design and focus on safe and cost efficient operations.
 
Further, the Letter of Intent describes an agreement between CGG and RSL to enter into a firm 6 year ship management contract for the same vessel.
 
For further information, please contact CEO Sven Rong, phone + 47 55 60 68 00.