Date: 3 October 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 further delayed.
After completing the major part of the conversion at Drammen Skipsreparasjon in Fredrikstad, the final part of the conversion is now taking place at Gøtaverket in Gothenburg, and is expected to be completed medio October. Total investment relating to the conversion is estimated to be about NOK 200 million. Further, Arrow Seismic has a dispute with the former conversion yard relating to the performance of the conversion.
"Geo Atlantic" will after the conversion is completed be employed on the previously announced charter agreement with Fugro Geoteam AS for a fixed period of 7 years with 2x2 years options for further use.
For further information, please contact CEO Sven Rong, phone + 47 55 60 68 00.