Arrow Seismic to Purchase Seismic Vessel from Laurentian
Arrow Seismic Invest IV Ltd., a 54 % owned subsidiary of Arrow Seismic ASA, has agreed on Head Terms of an Memorandum of Agreement with Laurentian Holding and TechMarine International Plc. Subject final agreement, Arrow will purchase the seismic research vessel "Laurentian" from LH and Laurentian's charter party with seismic major CGG from TMI.
The charter party yields an annual operational cash flow of about US $5.5 million and expires in August 2008 whereafter CGG has an option to extend the charter party for either two or three years.
"Laurentian" is a multistreamer seismic vessel built in 1983, converted to seismic in 1998 and upgraded to six streamer capacity in 2005. Included in the purchase price are compressors and winches. The effective date of the purchase is July 1, 2006 and total purchase price under the Memorandum of Agreement is US $17.9 million.
The purchase of "Laurentian" confirms Arrow's position as a leading supplier of multistreamer seismic vessels to the marine seismic industry and emphasizes Arrow's strategy to offer flexible solutions to our customers as the market develops.
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