Arrow Seismic Completes Geo Atlantic Conversion

The conversion of the "Geo Atlantic" into a multi streamer state-of-the-art seismic vessel has now been completed. "Geo Atlantic" left the yard in Gothenburg on October 22, 2006 and started on the previously announced charter agreement with Fugro Geoteam AS for a fixed period of 7 years with 2 x 2 year options for further use. The vessel will earn the charter rate from mid-October 2006.

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". Further Arrow have 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 newbuildings 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 newbuildings, 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 per cent in Arrow after the private offering. The company's registered business office is in Bergen, Norway.