Arrow Seismic orders newbuildingVessel & 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.