Arrow Seismic Exercises Option for Newbuild

Arrow Seismic ASA

Arrow Seismic ASA has exercised its option with a spanish yard and contracted a new seismic vessel (yard no. 534) for delivery in the spring of 2009. Newbuilding 534 is identical to the 532 and 533 newbuilds due for delivery in 2008 and the investment (in EURO) will be at similar level.

Arrow Seismic ASA ("Arrow") develops, owns and operates advanced special-purpose vessels for marine seismic including the vessels "Geo Atlantic" (prev. "Polar King") and "Laurentian".

Arrow has also contracted three special-purpose seismic vessels for delivery in 2008 and 2009 with an option for one more similar vessel from the same shipyard for delivery in 2009. The newbuilds are designed for optimal marine seismic operations with a strong focus on safety, a capacity of 12 (16) streamers and a high transit speed.

To supply Arrow with the equity required to finance the investment in newbuilds, Arrow arranged a private offering of NOK 303 million in February 2006. The largest shareholder, GC Rieber Shipping ASA has an ownership interest of 54 percent in Arrow after the private offering. The company's registered business office is in Bergen, Norway.