Arrow Prospectus - PGS

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ARROW SEISMIC ASA – INITIAL PUBLIC OFFERING Reviewed IFRS 3 Months ended 31 March 2007 Unaudited IFRS 3 Months ended 31 march 2006 Audited IFRS 12 Months ended 31 December 2006 Audited IFRS 12 Months ended 31 December 2005* Earnings (loss) per share -basic (USD) (0,170) (0.135) (0.376) (0.003) Earnings (loss) per share -diluted (USD) (0,170) (0135) (0.376) (0.003) Dividend per share (USD) 0 0 0 0 * From inception 27 October 2005 8.2.2 Consolidated balance sheets for Arrow Seismic ASA Assets (USD 1,000’) Reviewed IFRS 31 March 2007 Unaudited IFRS 31 march 2006 Audited IFRS 31 December 2006 Audited IFRS 31 December 2005 Deferred tax assets 0 16 0 15 Vessels 108,911 54,995 94,278 47,466 Newbuildings 43,215 13,755 34,899 629 Long term contracts 4,512 0 5,308 0 Total non-current assets 156,638 68,767 134,485 48,110 Stores 274 423 350 0 Accounts receivables 3,929 374 3,646 440 Receivables from subsidiaries 233 0 37 0 Other currents 7,320 696 3,882 196 Cash and cash equivalents 11,673 59,365 20,037 34,338 Total current assets 23,429 60,858 27,952 34,974 Total assets 180,067 129,625 162,437 83,084 Equity and liabilities (USD 1,000’) Reviewed IFRS 31 March 2007 Unaudited IFRS 31 march 2006 Audited IFRS 31 December 2006 Audited IFRS 31 December 2005 Share capital 30,395 28,203 29,511 14,790 Share premium reserve 69,440 64,432 67,419 31,799 Exchange differences foreign subsidiaries 16 (3) 39 2 Other equity (9,589) (1,473) (6,542) 28 Total equity 90,262 91,160 90,427 46,620 Liabilities to financial institutions 68,393 28,095 57,889 30,056 Total non-current liabilities 68,393 28,095 57,889 30,056 Liabilities to financial institutions 7,844 6,132 7,844 5,144 Accounts payable 11,452 4,091 4,680 922 Tax payable 963 0 667 0 Liabilities to parent company 339 38 267 52 Other current liabilities 814 109 663 291 Total current liabilities 21,412 10,370 14,121 6,409 Total liabilities 89,805 38,465 72,010 36,465 Total equity and liabilities 180,067 129,625 162,437 83,084 51
ARROW SEISMIC ASA – INITIAL PUBLIC OFFERING 8.2.3 Consolidated cash flow statements for Arrow Seismic ASA Reviewed IFRS 3 Months ended 31 March 2007 Unaudited IFRS 3 Months ended 31 march 2006 Audited IFRS 12 Months ended 31 December 2006 Audited IFRS 12 Months ended 31 December 2005* (Figures in USD 1,000’) Net cash flow from operating activities 6,217 1,131 (3,946) 847 Net cash flow from investing activities (25,085) (21,177) (91,229) (48,298) Net cash flow from financing activities 10,504 45,074 80,874 81,789 Cash and cash equivalents at end of period 11,673 59,365 20,037 34,338 Net change in cash (8,364) 25,028 (14,302) 34,338 * From inception 27 October 2005 8.2.4 Consolidated changes in equity for Arrow Seismic ASA (Figures in USD 1,000’) Reviewed IFRS 3 Months ended 31 March 2007 Unaudited IFRS 3 Months ended 31 march 2006 Audited IFRS 12 Months ended 31 December 2006 Audited IFRS 12 Months ended 31 December 2005* Equity of beginning of period 90,427 46,620 46,620 0 Result (3,137) (1,502) (6,561) 28 Capital increase: Share capital 0 13,413 14,720 14,790 Share premium reserve 0 32,633 35,620 31,799 Foreign currency translation 2,972 (3) 28 2 Other changes 0 0 0 0 Equity end of period 90,262 91,160 90,427 46,620 * From inception 27 October 2005 8.2.5 Management’s discussions and analysis of financial conditions and results of operations, three months ending 31 March 2007 and 2006 Operations and results The vessel “Geo Atlantic” has been employed on a time charter to Fugro Geoteam AS while the “CGG Laurentian” has been employed under a time charter with CGGVeritas. The Group’s consolidated income was USD 5.6 million (2006: USD 0.8 million). The increase in income was due to operations for three months compared to two months in 2006 regarding “Geo Atlantic” and income from the vessel “CGG Laurentian” (purchased 1 July 2006). The operating costs was USD 2.1 million (2006: USD 0.3 million). Total operating expenses in 2007 relates to operating expenses for two vessels including crew and catering expenses plus administrative expenses as opposed to 2006 which mainly included administrative expenses. EBITDA was USD 3.5 million (2006: USD 0.5 million). The figures are not directly comparable for the same periods in each year, due to operations for three months in 2007 compared to two months in 2006 for the vessel “Geo Atlantic” and operations of the vessel “CGG Laurentian”. The depreciation was USD 2.9 million (2006: USD 0.5 million). The increase is due to depreciation for three months in 2007 compared to two months in 2006 for the vessel “Geo Atlantic” and depreciation for the vessel “CGG Laurentian” (purchased July 2006). There was no depreciation on the newbuildings in 2006 and 2007. Operating profit (EBIT) was USD 0.6 million (2006: USD -0.0 million). Net financial expenses were USD -3.4 million (2006: USD -1.5 million) whereof USD 2.8 million (2006: USD 0.0 million) in non-recurring realized currency loss on internal loans. The exchange rate between USD and NOK 52
Page 1 and 2: Prospectus Arrow Seismic ASA Offeri
Page 3 and 4: The contents of this Prospectus are
Page 5 and 6: 7.2 OVERVIEW OF THE GLOBAL SEISMIC
Page 7 and 8: 1. SUMMARY The following summary sh
Page 9 and 10: • Geopolitical risks - Changes in
Page 11 and 12: Summary of comparison of three mont
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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Arrow Prospectus - PGS

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