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    Polar Sea to be converted to source vessel

    Vessel & ROV News // August 17, 2007

    Arrow Seismic has announced that it has decided to modify the conversion plan for Polar Sea.

    Originally, the plan was to convert the vessel to a full 2-D (source) vessel, but under the new plan, the vessel will now be converted to a full source vessel with in-sea source equipment.

    As a result, the estimated capex related to the conversion will be reduced from US$30 million (as previously indicated) to US$24 million.

    Polar Sea will be ready for operation in November 2007 as a flexible high capacity source vessel.

    Hans Petter Amundsen Klohs, CEO in Arrow Seismic, said the decision was consequence of strong demand and improving rates experienced for source vessels.

    The company hopes to complete the conversion as early as November 2007.

    The accelerated conversion schedule is made possible by the fact that winches and compressors for the vessel already have already been delivered.

    Source vessels are primarily used for 4-D undershooting of structures on existing fields (production), 4C/4D source for sea bed seismic on existing fields (production) and wide azimuth surveys that involves one recording vessel and two one each side source vessels (exploration).


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