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    Geo Atlantic conversion further delayed

    Vessel & ROV News // October 5, 2006

    Rieber Shipping in Norway has reported that the conversion of the vessel Geo Atlantic (previously Polar King), which is owned by Arrow Seismic ASA, in which GC Rieber Shipping ASA has a 54 per cent share, into a multi streamer seismic vessel, has been further delayed.

    After completing the major part of the conversion at Drammen Skipsreparasjon in Fredrikstad, the final part of the conversion is now taking place at Gøtaverket in Gothenburg, and is expected to be completed in mid-October.

    The total investment relating to the conversion is estimated to be about NKr 200 million.

    Rieber said Arrow Seismic is also in dispute with the yard that first worked on the conversion relating to its performance.

    Once the conversion is completed, Geo Atlantic will be employed on a charter agreement with Fugro Geoteam for a fixed period of seven years with 2 x 2 year options.

     

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