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GC Rieber buys back vessel

GC Rieber buys back vessel
NORWEGIAN-based GC Rieber Shipping has bought the high capacity 3D/4D vessel seismic survey vessel Geo Atlantic, including its current charter with Fugro, from PGS for US$58m.

GC RIEBER BUYS BACK VESSEL

NORWEGIAN-based GC Rieber Shipping has bought the high capacity 3D/4D vessel seismic survey vessel Geo Atlantic, including its current charter with Fugro, from PGS for US$58m.

The acquisition will be part-financed through a $44m mortgage loan provided by DVB Bank. The Geo Atlantic was built in 2000 and owned by GC Rieber Shipping until 2005 when it was sold to Arrow Seismic. In 2006, the vessel was converted to a high capacity 3D/4D seismic vessel, capable of deploying 10 streamers and dual sources. She is time chartered to Fugro until October 2013 and, the company says, is expected to generate an EBITDA of about $8.5m a year.

Fugro has options to extend the charter period until October 2017. Rieber says: ?The re-acquisition of the vessel is in line with the company's expressed strategy of taking advantage of attractive investment opportunities arising as a result of the present market situation. The company will continue to pursue this strategy.?

www.TurkishMaritime.Com.tr

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