Date: 11 August 2006


The conversion of the "Geo Atlantic" (previously the "Polar King"), which is owned by Arrow Seismic ASA, a 54 % owned subsidiary of GC Rieber Shipping ASA, into a multi streamer state-of-the-art seismic vessel, has been more time consuming than expected. The conversion is now expected to be completed early September and the vessel will thereafter be employed on the previously announced charter agreement with Fugro Geoteam AS for a fixed period of 7 years with 2 x 2 years options for further use.

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