Arrow Prospectus - PGS

ARROW SEISMIC ASA – INITIAL PUBLIC OFFERING
risk in development of the second hand value of the vessels, as this risk is borne by the ship owner. Having a low
risk business model, the profit margin ASL achieves is thus marginal.
6.2.3 Arrow Seismic vessel operating companies
The table below illustrates how the vessels are owned and/or bareboat chartered within the Group (the ship
operating companies):
Figure 6-2: Vessels owned and/or bareboat chartered by the Company
Arrow Seismic Invest I Ltd. "Geo Atlantic" High capacity seismic 3D vessel (2000)
Arrow Seismic Invest II Ltd. "NB 532" High capacity seismic 3D vessel (2008)
Arrow Seismic Invest III Ltd. "NB 533" High capacity seismic 3D vessel (2008)
"CGG Laurentian" Muliti streamer 3D vessel (1983)
Arrow Seismic Invest IV Ltd. "Polar Explorer" 2D/Source seismic vessel (1992)
"Polar Pearl" 2D/Source seismic vessel (1993)
"Polar Sea" 2D/Source seismic vessel (1993)
Arrow Seismic Invest V Ltd. "NB 534" High capacity seismic 3D vessel (2009)
Arrow Seismic Invest VI Ltd. "NB 535" High capacity seismic 3D vessel (2009)
Arrow Seismic Invest I Ltd.
Arrow Seismic Invest I Ltd (“ASI I”) is a UK Private Limited Company incorporated under the laws of England
and Wales on 8 November 2005, with organization number no. 05616405, having its registered business address
at Darenth House, 60 High Street Otford, Sevenoaks, Kent TN14 5TL.
ASI I owns and operates the high capacity vessel “Geo Atlantic” (built 2000, converted 2006). The vessel has
since October 2006 been on time charter to ASL. ASI I bears the risk of the marine operation of the vessel and
the asset risk (development in second hand value of the vessel).
Arrow Seismic Invest II Ltd.
Arrow Seismic Invest II Ltd (“ASI II”) is a UK Private Limited Company incorporated under the laws of
England and Wales on 8 November 2005, with organization number no. 05616408, having its registered business
address at Darenth House, 60 High Street Otford, Sevenoaks, Kent TN14 5TL.
ASI II shall bareboat charter (under the Spanish tax lease structure) and thereafter become the owner of, and
operate the high capacity new building 532 which is due for delivery in 1Q 2008. Newbuild 532 shall, after
delivery from the yard, be employed on a time charter to ASL. ASI II will bear the risk of the marine operation
of the vessel and the asset risk (development in second hand value of the vessel).
Arrow Seismic Invest III Ltd.
Arrow Seismic Invest III Ltd (“ASI III”) is a UK Private Limited Company incorporated under the laws of
England and Wales on 8 November 2005, with organization number no. 05615530, having its registered business
address at Darenth House, 60 High Street Otford, Sevenoaks, Kent TN14 5TL.
ASI III shall bareboat charter (under the Spanish tax lease structure) and thereafter become the owner of, and
operate the high capacity new building 533 which is due for delivery in 4Q 2008. Newbuild 533 shall, after
36