GGS Atlantic Renegotiates Charter Contract

Global Geo Services has renegotiated the bare boat charter on 2D seismic vessel GGS Atlantic with vessel owner Atlantic Seismic AS.

The bare boat charter has been extended by one year to September 4, 2012. The contract includes a U.S. $2 million investment, consisting of mainly seismic equipment, for upgrades on the vessel. The profit split linked to the day rate in the contract market has been removed from the contract. The charter hire has increased by an average of U.S.$2,500 a day.

GGS Atlantic will be available in the market by end December 2007.