Rieber Shipping has decided to rebuild the cable lay vessel `Polar King` (built 2000)  into a multi  streamer state-of-the-art  3D seismic vessel. Rieber Shipping has at the same time entered into a Time Charter agreement for the vessel with Fugro Geoteam AS. The agreement starts mid 2006 and has a duration of 7 years and with 2 x 2 years options for further use.

Rieber Shipping has decided to rebuild the cable lay vessel `Polar King` (built 2000)into a multi  streamer state-of-the-art  3D seismic vessel. The rebuilding is estimated to a cost of about NOK 175 mill.  inclusive of compressors and winches and is expected to be finalised in Q2 2006.

 

Rieber Shipping has at the same time entered into a Time Charter agreement for the vessel with Fugro Geoteam AS. The agreement starts mid 2006 and has a duration of 7 years and with 2 x 2 years options for further use. The Time Charter agreement is entered into on satisfactory conditions and confirms Rieber Shipping`s position within developing state-of-the-art vessels for dedicated oil exploration duties for the offshore industry.

 

For further information, please contact Managing Director Sven Rong  tel.  +47 55 60 68 00