Arrow Seismic Appoints New CEO

Irene Waage Basili has been appointed new Chief Executive Officer (CEO) of the Arrow Seismic group. Basili will take up her position on October 1, 2007, replacing the current CEO, Hans Petter Amundsen Klohs.

Basili comes from the position as VP Head of Commercial Department in Wallenius Wilhelmsen Logistics (WWL). She has 16 years experience within the shipping industry in various commercial, chartering, strategic and operational roles.

Sven Rong, Chairman of Arrow Seismic, comments: "We are delighted to have appointed such a highly qualified new CEO as Irene Basili. The appointment reflects that Arrow Seismic is entering a new phase. The Company will be developed as a stand-alone company, with its own strategic as well as operational challenges. Basili's broad background within the shipping industry will be vital for Arrow Seismic in the coming period, and we are confident that she will manage the company towards future success."

Hans Petter Amundsen Klohs has been the CEO of Arrow Seismic, on a hired service basis from GC Rieber Shipping ASA, since the company was founded end 2005. He has successfully managed the company through an important phase, culminating in the IPO in May this year. As GC Rieber Shipping no longer holds a majority of the shares, Klohs returns to his position as CFO within GC Rieber Shipping.

Arrow Seismic develops, owns and operates advanced state-of-the-art vessels for the marine seismic industry. The company is a continuance of GC Rieber Shipping's 40 years of business development in marine seismic operations. Arrow Seismic currently has two 3D seismic vessels in operation and has contracted four purpose-built high capacity newbuildings to be delivered in 2008/2009. In addition to attractive financing and low building costs, the new buildings' competitive advantages include high transit speed and fuel efficiency. Arrow Seismic also plans to upgrade three cargo vessels to modern 2D/source vessels.