PGS Sells Seismic Vessel Geo Atlantic

7 June 2009 (Last Updated June 7th, 2009 18:30)

Norway’s Arrow Seismic Invest, a subsidiary of oilfield service company Petroleum Geo-Services, has sold its seismic vessel Geo Atlantic to Norwegian shipping company GC Rieber Shipping for $58m. The deal is part of an attempt to generate $200m in sales in 2009. The sale is

Norway’s Arrow Seismic Invest, a subsidiary of oilfield service company Petroleum Geo-Services, has sold its seismic vessel Geo Atlantic to Norwegian shipping company GC Rieber Shipping for $58m.

The deal is part of an attempt to generate $200m in sales in 2009.

The sale is expected to reduce debt and strengthen Arrow’s balance sheet, the company said.