Arrow Prospectus - PGS

1. SUMMARY
The following summary should be read as an introduction, and is qualified in its entirety, by the more detailed
information and the Appendices appearing elsewhere in this Prospectus. Any decision to invest in the Shares
should be based on a consideration of the Prospectus as a whole.
In the event that a claim relating to the information contained in the Prospectus is brought before a court, the
plaintiff Investor may have to bear the cost of translating the Prospectus before legal proceedings are initiated.
Civil liability attaches to those persons who have tabled the summary including any translation thereof, and
applied for its notification, but only if the summary is misleading, inaccurate or inconsistent when read together
with the other parts of the Prospectus.
When used herein, “Arrow Seismic”, “Arrow”, the “Group” and the “Company” refer to Arrow Seismic ASA
and its consolidated subsidiaries, unless the context otherwise requires. For the definitions of terms used
throughout this Prospectus, see section 16 “Definitions and Glossary of Terms” of this Prospectus.
1.1 INTRODUCTION TO ARROW
Arrow Seismic ASA is a Norwegian Public Limited Company incorporated on 27 October 2005 with its head
offices in Bergen, Norway. Arrow Seismic ASA is the parent company in a group consisting of seven UK
companies. The business activities of Arrow represent a continuance of the seismic operation of its parent
company GC Rieber Shipping ASA (“GC Rieber Shipping”), which has almost 40 years of experience within
the seismic industry.
Arrow develops, owns and operates advanced state-of-the-art vessels for the marine seismic industry. Arrow
presently 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 new
buildings for delivery in 2008 and 2009, bringing total investments since incorporation to about USD 600
million.
Arrow has taken advantage of the strong momentum in the seismic market by way of entering into a firm
contract with WesternGeco for the first state-of-the-art high capacity seismic new building to be delivered in Q1
2008. The contract comprises a charter for the vessel for a fixed period of three years and a purchase agreement
under which the ownership of the vessel will be transferred to WesternGeco upon expiry of the charter period.
Furthermore, Arrow and WesternGeco are in the process of finalising a similar contract for the second new
building to be delivered in Q4 2008. Arrow has also entered into a non-binding Letter of Intent with
CGGVeritas for a firm 12 year bare boat charter for the third new building vessel estimated to be delivered in
Q2 2009, whereupon the continuation will be regulated by a put/call option for the sale and purchase of the
vessel. Currently, Arrow has two multi-streamer seismic vessels operating on contracts.
To supply Arrow with the equity required to finance the investment in the two first high capacity new buildings,
Arrow arranged a private offering of approximately USD 50 million in February 2006, mainly towards
Norwegian and international institutional investors.
1.2 PURPOSE AND BACKGROUND OF THE LISTING
The application for Listing of the Shares is an important element in the Company’s strategy. Through the
Listing, the Company will be able to provide a regulated marketplace for trading of the Shares, involving
continuous market pricing of, and liquidity in, the Shares. The Listing will facilitate the use of capital markets in
order to effectively raise equity to support future growth thereunder enabling the Company to effectively use
Shares as transaction currency in future acquisitions or mergers. In addition, the Company believes that the
Listing will help to further strengthen Arrow’s profile in the markets in which it operates.
1.3 THE LISTING
The Company’s Shares are not currently listed on Oslo Børs or any other authorised market, but trade on the
Norwegian OTC market under the ticker-code “ARRO”. The Company expects that the Board of Oslo Børs will
resolve on 24 May 2007 to approve the Listing of the Shares of the Company. The first day of trading is
expected to be on or about 30 May 2007 under the new ticker symbol “ARROW”.
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