PGS Sells Seismic Vessel to GC Rieber Shipping

3 June 2009 (Last Updated June 3rd, 2009 18:30)

GC Rieber Shipping has signed an agreement with Arrow Seismic, a subsidiary of Petroleum Geo-Services, to acquire a 3D/4D vessel for $58m. The Geo Atlantic, built in 2000, was owned by GC Rieber Shipping until it was sold to Arrow Seismic in 1995. The vessel is capable

GC Rieber Shipping has signed an agreement with Arrow Seismic, a subsidiary of Petroleum Geo-Services, to acquire a 3D/4D vessel for $58m.

The Geo Atlantic, built in 2000, was owned by GC Rieber Shipping until it was sold to Arrow Seismic in 1995.

The vessel is capable of deploying ten streamers and dual sources.

The price of the vessel includes the current charter with Fugro.

The acquisition is partly financed by the DVB Bank through a $44m mortgage loan.