Arrow Receives LOI from Western Geco for Newbuild 533

Arrow Seismic ASA has entered into a non binding Letter of Intent with WesternGeco for a state-of-the-art multistreamer seismic newbuild to be delivered November 2008. The Letter of Intent describes an agreement between parties to enter into a firm 5 year charter for the vessel including insea seismic equipment. The total value of the charter hire from the charter is approximately EUR 95 million.

The Letter of Intent with seismic major WesternGeco once again confirms Arrow's position as a leading supplier of multistreamer seismic vessels to the marine seismic industry with cost efficient design and focus on safe and cost efficient operations.