Geo ASA acquires Japanese cable vessels for conversionVessel & ROV News // February 9, 2006
Geo ASA in Norway has purchased two cable laying vessels from Japan, reports broker Seabrokers in the latest issue of its monthly newsletter Seabreeze.
The vessels, built in 1998 and 2000 and with a length overall of 98m and 117m respectively, will be converted for use in the offshore and seismic markets.
The total investment will amount to approximately US$ 50 million, said Seabrokers.
Geo ASA subsequently announced that it had signed a contract for the 98m cable laying vessel (which it said had been renamed Geo Maru).
The company said the contract commences March 1st 2006 and has duration of seven years, but did not specify the nature of the work.
Geo ASA said the cost of the rebuilding work required for Geo Maru amounted to US$30 million.