Arrow Prospectus - PGS

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TABLE OF CONTENTS IMPORTANT INFORMATION.........................................................................................................................1 TABLE OF CONTENTS .....................................................................................................................................3 1. SUMMARY.........................................................................................................................................6 1.1 INTRODUCTION TO ARROW ...................................................................................................................................... 6 1.2 PURPOSE AND BACKGROUND OF THE LISTING ........................................................................................................... 6 1.3 THE LISTING............................................................................................................................................................ 6 1.4 SUMMARY OF RISK FACTORS.................................................................................................................................... 7 1.5 DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES................................................................................................ 8 1.6 ADVISORS AND AUDITORS........................................................................................................................................ 8 1.7 SUMMARY OF OPERATING AND FINANCIAL INFORMATION......................................................................................... 9 1.8 SUMMARY OF CAPITALISATION AND INDEBTEDNESS ................................................................................................10 1.9 MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS .................................................................................11 1.10 DETAILS OF THE OFFERING AND ADMISSION TO TRADING.........................................................................................11 1.11 ADDITIONAL INFORMATION ....................................................................................................................................13 2. RISK FACTORS ..............................................................................................................................15 2.1 GENERAL ...............................................................................................................................................................15 2.2 RISK FACTORS RELATING TO THE COMPANY AND THE INDUSTRY IN WHICH IT OPERATES...........................................15 2.3 RISK FACTORS RELATING TO THE SHARES................................................................................................................19 3. RESPONSIBILITY FOR THE PROSPECTUS ............................................................................21 4. NOTICE REGARDING FORWARD-LOOKING STATEMENTS............................................22 5. THE LISTING AND OFFERING...................................................................................................23 5.1 REASONS FOR THE LISTING AND THE OFFERING........................................................................................................23 5.2 TRANSACTIONS PRIOR TO THE LISTING ....................................................................................................................23 5.3 THE SHARES OFFERED.............................................................................................................................................23 5.4 OVERVIEW OVER THE OFFERING..............................................................................................................................24 5.5 DILUTION ...............................................................................................................................................................25 5.6 THE INSTITUTIONAL OFFERING................................................................................................................................25 5.7 THE RETAIL OFFERING ............................................................................................................................................26 5.8 SUBSCRIPTION OFFICES...........................................................................................................................................28 5.9 CONDITIONS FOR COMPLETION OF THE OFFERING ....................................................................................................28 5.10 ALLOCATION OF OFFER SHARES..............................................................................................................................28 5.11 PAYMENT FOR THE ALLOCATED OFFER SHARES.......................................................................................................29 5.12 PAYMENT GUARANTEE ...........................................................................................................................................29 5.13 DELIVERY OF THE ALLOCATED OFFER SHARES ........................................................................................................29 5.14 OVER-ALLOTMENT OPTION AND STABILISATION ......................................................................................................30 5.15 SHAREHOLDER RIGHTS CONFERRED BY THE NEW SHARES ........................................................................................30 5.16 APPLICATION FOR LISTING ......................................................................................................................................31 5.17 PUBLICATION OF INFORMATION RELATED TO THE OFFERING ....................................................................................31 5.18 VPS REGISTRATION.................................................................................................................................................31 5.19 MANAGERS ............................................................................................................................................................31 5.20 EXPENSES ..............................................................................................................................................................31 5.21 JURISDICTION AND CHOICE OF LAW.........................................................................................................................31 5.22 MANDATORY ANTI-MONEY LAUNDERING PROCEDURES ...........................................................................................31 5.23 NOTICE TO PROSPECTIVE INVESTORS IN THE UNITED STATES....................................................................................32 6. PRESENTATION OF THE COMPANY .......................................................................................35 6.1 CORPORATE STRUCTURE OF ARROW........................................................................................................................35 6.2 DESCRIPTION OF THE COMPANIES IN THE GROUP......................................................................................................35 6.3 HISTORY AND DEVELOPMENT OF THE COMPANY......................................................................................................37 6.4 HSEQ (“HEALTH, SAFETY, ENVIRONMENT AND QUALITY”) POLICY ...........................................................................38 6.5 BUSINESS OBJECTIVES AND STRATEGY ....................................................................................................................38 6.6 OVERVIEW OF THE FLEET........................................................................................................................................39 6.7 MANAGEMENT OF VESSELS .....................................................................................................................................44 7. MARKET OVERVIEW...................................................................................................................45 7.1 OVERVIEW OF THE GLOBAL OIL & GAS INDUSTRY....................................................................................................45 3
7.2 OVERVIEW OF THE GLOBAL SEISMIC MARKET ..........................................................................................................46 7.3 THE POSITION OF ARROW ........................................................................................................................................49 8. SELECTED FINANCIAL INFORMATION.................................................................................50 8.1 BASIS FOR PREPARATION ........................................................................................................................................50 8.2 FINANCIAL INFORMATION.......................................................................................................................................50 8.3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES..................................................................................................55 8.4 INDEPENDENT AUDITOR..........................................................................................................................................63 8.5 TRENDS .................................................................................................................................................................63 8.6 SIGNIFICANT CHANGES IN THE COMPANY’S FINANCIAL OR TRADING POSITION SINCE 31 MARCH 2007 ......................63 9. THE CAPITAL OF THE COMPANY ...........................................................................................64 9.1 CASH FLOWS ..........................................................................................................................................................64 9.2 WORKING CAPITAL STATEMENT ..............................................................................................................................65 9.3 CAPITALISATION AND INDEBTEDNESS .....................................................................................................................66 9.4 CHANGES IN CAPITALISATION SINCE 31 MARCH 2007 ..............................................................................................67 9.5 BORROWINGS .........................................................................................................................................................67 9.6 INVESTMENTS ........................................................................................................................................................69 9.7 UK TAX STATUS......................................................................................................................................................70 10. BOARD OF DIRECTORS, MANAGEMENT AND EMPLOYEES ...........................................77 10.1 BOARD OF DIRECTORS ............................................................................................................................................77 10.2 MANAGEMENT .......................................................................................................................................................78 10.3 CONFLICTS OF INTERESTS ETC.................................................................................................................................78 10.4 REMUNERATION AND BENEFITS...............................................................................................................................80 10.5 EMPLOYEES............................................................................................................................................................80 11. SHARE CAPITAL AND SHAREHOLDER MATTERS..............................................................81 11.1 SHARE CAPITAL AND SHARES..................................................................................................................................81 11.2 OUTSTANDING AUTHORISATIONS ............................................................................................................................81 11.3 RIGHTS TO ACQUIRE SHARES...................................................................................................................................81 11.4 HISTORICAL DEVELOPMENT IN SHARE CAPITAL AND NUMBER OF SHARES.................................................................81 11.5 OWNERSHIP STRUCTURE .........................................................................................................................................82 11.6 THE ARTICLES AND CERTAIN ASPECTS OF NORWEGIAN COMPANIES LAW ..................................................................83 11.7 SHAREHOLDER AND DIVIDEND POLICY ....................................................................................................................86 11.8 CORPORATE GOVERNANCE .....................................................................................................................................86 12. SECURITIES TRADING IN NORWAY .......................................................................................88 12.1 INTRODUCTION ......................................................................................................................................................88 12.2 DISCLOSURE OBLIGATIONS .....................................................................................................................................88 12.3 INSIDER TRADING...................................................................................................................................................88 12.4 MANDATORY OFFER REQUIREMENT.........................................................................................................................88 13. TAXATION.......................................................................................................................................89 13.1 TAX CONSEQUENCES RELATED TO THE OWNERSHIP AND DISPOSAL OF SHARES – NORWEGIAN SHAREHOLDERS..........89 13.2 TAX CONSEQUENCES RELATED TO THE OWNERSHIP OF SHARES – FOREIGN SHAREHOLDERS ......................................90 13.3 DUTIES ON THE TRANSFER OF SHARES .....................................................................................................................91 13.4 INHERITANCE TAX..................................................................................................................................................91 14. LEGAL MATTERS..........................................................................................................................92 14.1 DISPUTES ...............................................................................................................................................................92 14.2 MATERIAL CONTRACTS...........................................................................................................................................92 14.3 MATERIAL CONTRACTS OUTSIDE THE ORDINARY COURSE OF BUSINESS ....................................................................96 14.4 RELATED PARTY AGREEMENTS ...............................................................................................................................96 15. ADDITIONAL INFORMATION....................................................................................................98 15.1 DOCUMENTS ON DISPLAY........................................................................................................................................98 15.2 STATEMENT REGARDING SOURCES..........................................................................................................................98 15.3 STATEMENT REGARDING EXPERT OPINIONS .............................................................................................................98 15.4 PROSPECTUS...........................................................................................................................................................98 16. DEFINITIONS AND GLOSSARY OF TERMS............................................................................99 4
Page 1 and 2: Prospectus Arrow Seismic ASA Offeri
Page 3: The contents of this Prospectus are
Page 7 and 8: 1. SUMMARY The following summary sh
Page 9 and 10: • Geopolitical risks - Changes in
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Page 13 and 14: Subscription Period: From and inclu
Page 15 and 16: 1.11.5 Statements from experts refe
Page 17 and 18: ARROW SEISMIC ASA - INITIAL PUBLIC
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ARROW SEISMIC ASA - APPENDICES APPE
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Solheimsgt 13, PB 1114 Sentrum, N-5
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