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    Arrow Seismic orders newbuilding

    Vessel & ROV News // May 24, 2006

    Arrow Seismic ASA, a 54 per cent owned subsidiary of GC Rieber Shipping ASA in Norway, has entered into a non binding Letter of Intent with WesternGeco for a state-of-the-art multistreamer seismic newbuilding to be delivered in February 2008.

    The Letter of Intent describes an agreement between parties to enter into a firm charter for the vessel for a fixed period of three years whereupon the continuation will be regulated by a put/call option to transfer the vessel to WesternGeco.

    WesternGeco has an option of first refusal at market terms for a second newbuilding to be delivered in the fourth quarter of quarter 2008. The option expires in November 2006.


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