Arrow: Geo Atlantic Conversion to Conclude in September

The conversion of the Geo Atlantic (previously the Polar King) into a multi streamer state-of- the-art seismic vessel, has been more time consuming than expected, said owner Arrow Seismic ASA.

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.

Arrow Seismic ASA ("Arrow") develops, owns and operates advanced special-purpose vessels for marine seismic. Arrow owns the vessels Laurentian, which is chartered to CGG, and Geo Atlantic, which currently is being converted to a state-of-the-art multistreamer seismic vessel against a seven year charter to Fugro Geoteam, whereupon the charterer has a 2 x 2 year option. Arrow has also contracted two special-purpose seismic vessels for delivery in the 1st and 4th quarter of 2008.

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