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    GC Rieber Shipping acquires seismic newbuilds at Factorias Vulcano

    Vessel & ROV News // June 11, 2010

    GC Rieber Shipping has entered into agreements to acquire the two high capacity seismic newbuildings numbers 532 and 533 currently under construction at Factorias Vulcano in Spain.

    The total investment will be about NKr 850 million and will be financed through a combination of equity and debt.

    NB 532 is expected to be delivered in the third quarter of 2010, while NB 533 is expected to be delivered in the third quarter of 2011.
     
    NB 532 and NB 533 were conceptually designed by GC Rieber Shipping, and originally ordered by Arrow Seismic in 2006. Ownership of the new buildings was transferred to PGS in 2007, when PGS acquired Arrow Seismic.

    PGS' subsidiary Arrow Seismic cancelled the contracts in March 2009 and August 2009 respectively, due to delays.
     
    "We have recently agreed to sell the 2001-built subsea vessel Polar Queen to Acergy with a net cash effect sufficient to cover most of the equity required. The divestment of Polar Queen and acquisition of NB 532 and NB 533 results in a more equal balance between the subsea and marine seismic segments", said GC Rieber Shipping's CEO Sven Rong.

    "The price level for the investment in NB 532 and NB 533 is considerably lower than comparable vessels, which is expected to represent a competitive advantage".
     
    NB 532 and NB 533 are designed for high capacity (12-14 streamers) marine seismic operations with a strong focus on safety, optimised towing and a maximum speed of 20 knots. Higher transit speed will increase vessel revenues, while lower fuel consumption will reduce vessel environmental impact and operating cost. "Overall," said the company, "the vessels are expected to be among the most cost efficient in the industry."  
     
    GC Rieber Shipping has obtained loan commitments from DnBNOR covering 60 per cent of the total investment.

     

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