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    Aker Geo acquires new seismic vessel

    Vessel & ROV News // March 22, 2000
    Aker Geo Seismic AS has purchased the seismic survey vessel Atlantic Horizon from Eagle Geophysical Inc for $39.6 million. The Atlantic Horizon was commissioned in March 1999, and will be Aker Geo's second ship, thus substantially improving the company'sflexibility in the market.

    Since its inception in April 98, it has always been Aker Geo's intention toexpand its fleet beyond the first vessel, Aker Amadeus which wassuccessfully launched in June 1999.

    The market for seismic surveys during 1999 was weak and may remain so for the major part of 2000. However, this has created the opportunity to acquire cost-effective assets for the eventual upturn, and the timing for expansion of the fleet is now regarded as favourable.

    The acquisition of the Atlantic Horizon will enable Aker Geo to enhance its position in the market and offer a wider range of services. The new vesselwill also facilitate better utilisation of the internal resources of Aker Geo.

    Aker Geo differs in its approach to the highly competitive seismic market byoffering additional services within geology and geophysics.

    Aker Geo says its strategy is based on not only offering capacity for offshore seismic surveys, but on combining this with the sub-surface insight necessary to assist the clients in choosing between various methods for execution of surveys or interpretation of data.

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