GC Rieber Shipping to acquire seismic vessel

GC Rieber Shipping has entered into an agreement to acquire the high capacity 3D/4D vessel Geo Atlantic from PGS for $58 million, including the current charter with Fugro. The acquisition will be part-financed through a $44 million mortgage loan provided by DVB Bank.

Offshore staff

Bergen, Norway -- GC Rieber Shipping has entered into an agreement to acquire the high capacity 3D/4D vessel Geo Atlantic from PGS for $58 million, including the current charter with Fugro. The acquisition will be part-financed through a $44 million mortgage loan provided by DVB Bank.

Geo Atlantic was built in 2000 and owned by GC Rieber Shipping until 2005 when it was sold to Arrow Seismic. In 2006, the vessel was converted to a high capacity 3D/4D seismic vessel, capable of deploying 10 streamers and dual sources. The vessel is time chartered to Fugro until October 2013. Fugro has options to extend the charter period until October 2017.

06/16/2009

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