Arrow Prospectus - PGS
Arrow Prospectus - PGS
Arrow Prospectus - PGS
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ARROW SEISMIC ASA – INITIAL PUBLIC OFFERING<br />
6.6 OVERVIEW OF THE FLEET<br />
6.6.1 Overview of fleet and contracts<br />
<strong>Arrow</strong> owns and operates two multi streamer vessels and has purchased three vessels planned for conversion to<br />
2D/Source vessels in 2007/2008. Further, <strong>Arrow</strong> has ordered four state-of-the-art high capacity seismic<br />
newbuildings for delivery in 2008 and 2009, bringing the total fleet to nine vessels after the newbuild/conversion<br />
program has been finalized in 2009.<br />
The new buildings are designed for optimal high capacity (12-16 streamers) marine seismic operations with a<br />
strong focus on safety, fuel efficiency and a high transit speed. Higher transit speed will increase vessel revenues<br />
while lower fuel consumption will reduce vessel operating cost. In combination, the vessel result is expected to<br />
be significantly better than the peer group.<br />
Figure 6-3: Fleet overview<br />
Vessel name Year build Year converted To be delivered Streamer capacity Charterer<br />
Geo Atlantic 2000 2006 October 2006 10 (12) Fugro Geoteam<br />
CGG Laurentian 1983 1998/2005 July 2006 6 CGG Veritas<br />
Polar Explorer 1992 2007/2008 Q1 2008 1 streamer/source Available<br />
Polar Pearl 1993 2007/2008 Q2 2008 1 streamer/source Available<br />
Polar Sea 1993 2007/2008 Q3 2008 1 streamer/source Available<br />
Newbuild 532 2008 n.a. Q1 2008 12-16 WesternGeco<br />
Newbuild 533 2008 n.a. Q4 2008 12-16 WesternGeco (LOI)<br />
Newbuild 534 2009 n.a. Q2 2009 12-16 CGG Veritas (LOI)<br />
Newbuild 535 2009 n.a. Q4 2009 12-16 Available<br />
The Company currently has firm contract coverage for three of its vessels, including Newbuild 532 and the<br />
vessels “Geo Atlantic” and the “CGG Laurentian” already operating on contracts. Furthermore, <strong>Arrow</strong> and<br />
WesternGeco are in the process of finalising a similar contract as for Newbuild 532 for Newbuild 533 to be<br />
delivered Q4 2008. The Company has also entered into a non-binding letter of intent for Newbuild 534, as<br />
further detailed below.<br />
Figure 6-4: Contract coverage<br />
2006<br />
2007 2008<br />
2009 2010 2011 2012 2013 2014 2015 2016<br />
2017<br />
Geo Atlantic<br />
CGG Laurentian<br />
Polar Explorer<br />
Polar Pearl<br />
Polar Sea<br />
Newbuild 532<br />
Newbuild 533<br />
Newbuild 534<br />
Newbuild 535<br />
Construction<br />
Firm contract<br />
LOI<br />
Option Period<br />
39
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