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    Arrow Seismic acquires multi-streamer vessel Laurentian

    Vessel & ROV News // July 11, 2006

    Arrow Seismic, the 54 per cent owned subsidiary of GC Rieber Shipping in Norway, has agreed on Head Terms of a Memorandum of Agreement with Laurentian Holding and TechMarine International (TMI).

    Subject to final agreement, Arrow will purchase the
    seismic research vessel Laurentian from Laurentian Holding and Laurentianís charter party with seismic major CGG from TMI.

    The charter party yields an annual operational cash flow of approximtaely US$5.5 million and expires in August 2008, whereafter CGG has an option to extend the charter for either two or three years.

    Laurentian is a multi-streamer seismic vessel built in 1983, converted to seismic in 1998 and upgraded to six streamer capacity in 2005.

    Included in the purchase price are compressors and winches. The effective date of the purchase was July 1st 2006 and the total purchase price under the Memorandum of Agreement is US$17.9


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