Arrow Prospectus - PGS

ARROW SEISMIC ASA – INITIAL PUBLIC OFFERING
6. PRESENTATION OF THE COMPANY
Arrow Seismic ASA is a Norwegian Public Limited Company incorporated under the laws of Norway on 27
October 2005, and is registered with the Norwegian Register of Business Enterprises with organization number
no. 988 843 016. The Company’s head quarter is located in Solheimsgt 13 in Bergen, Norway. The mailing
address of the Company is Solheimsgt 13, 5058 Bergen, Norway. The telephone number is + 47 55 60 68 00.
Arrow develops, owns and operates advanced state-of-the-art vessels for the marine seismic industry. Arrow
owns and operates two multi streamer vessels and has purchased three vessels planned for conversion to
2D/Source vessels in 2007/2008. Further, Arrow has ordered four state-of-the-art high capacity seismic
newbuildings for delivery in 2008 and 2009, bringing total investments since incorporation to about USD 600
million.
The business activities of Arrow represent a continuance of the marine seismic operation of Arrow’s parent
company GC Rieber Shipping ASA (“GC Rieber Shipping”), which has almost 40 years experience within the
marine seismic industry. GC Rieber Shipping ASA is a Norwegian Public Limited company listed on Oslo Børs
with its business address at Solheimsgt 13, 5058 Bergen, Norway.
6.1 CORPORATE STRUCTURE OF ARROW
The chart below depicts the Company’s corporate structure.
Figure 6-1: Corporate structure Arrow
100 % Arrow Seismic Invest I Ltd.
100 % Arrow Seismic Invest II Ltd.
Arrow Seismic ASA
100 % Arrow Seismic Invest III Ltd.
100 % Arrow Seismic Invest IV Ltd.
100 % Arrow Seismic Invest V Ltd.
100 % Arrow Seismic Invest VI Ltd.
100 % Arrow Seismic Ltd.
6.2 DESCRIPTION OF THE COMPANIES IN THE GROUP
6.2.1 Arrow Seismic ASA
Arrow Seismic ASA is the holding company of the Group without other activities than administrative functions
on the Group level. The operational activities are conducted by the 100 % directly owned subsidiaries of the
Company; see Figure 6-1 above and further description below.
6.2.2 Arrow Seismic Ltd.
Arrow Seismic Ltd (“ASL”) is a UK Private Limited Company incorporated under the laws of England and
Wales on 8 November 2005, with organization number no.05615555, having its registered business address at
Darenth House, 60 High Street Otford, Sevenoaks, Kent TN14 5TL.
ASL charters the vessels from the various affiliate ship operating companies listed below, and charters the
vessels to the end clients being seismic companies such as WesternGeco, CGGVeritas and Fugro Geoteam. The
reason for this model is partly to create a contractual single-point-of-contact versus the end clients, and partly to
optimize the tax position of the Group. ASL has no exposure to any risk connected to the marine operation of the
vessels. The only risk ASL is subject to is non-payment of charter hire by the end clients. Further, ASL has no
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