Arrow Seismic Completes IPO

Arrow Seismic ASA has completed an IPO of 5 million new shares at NOK 70 per share, in the upper end of the indicative price range of NOK 65-73 per share, raising NOK 350 million in new equity.

GC Rieber Shipping's ownership in Arrow will as a consequence of the offering be diluted from 54 % to 42.6 %.

The IPO received strong investor interest, from both retail and institutional investors, results in the offering being approximately 4 times subscribed at the IPO price. Over 650 investors in total were allocated shares in the offering.

Arrow's application for listing on Oslo Axess was approved on 24 May 2007 and trading in the share with ticker ARROW is expected to commence on Oslo Axess on 30 May 2007.