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The total investment will be about NOK 850 million and will be financed through a combination of equity and mortgage debt. NB 532 is expected to be delivered in Q3 2010, while NB 533 is expected to be delivered in Q3 2011.

NB 532 and NB 533 were conceptually designed by GC Rieber Shipping, and originally ordered by Arrow Seismic in 2006.  Ownership of the new buildings was transferred to PGS in 2007, when PGS acquired Arrow Seismic. PGS' subsidiary Arrow Seismic cancelled the contracts for NB 532 and NB 533 in March 2009 and August 2009 respectively due to delays.

The investment is part of GC Rieber Shipping's fleet renewal process and strategy. "We have recently agreed to sell the 2001 built subsea vessel "Polar Queen" to Acergy with a net cash effect sufficient to cover most of the equity required. The divestment of "Polar Queen" and acquisition of NB 532 and NB 533 results in a more equal balance between the segments subsea and marine seismic", says CEO in GC Rieber Shipping, Sven Rong, and adds: "The price level for the investment in NB 532 and NB 533 is considerably lower than comparable vessels, which is expected to represent a competitive advantage".

NB 532 and NB 533 are designed for optimal high capacity (12-14 streamers) marine seismic operations with a strong focus on safety, optimised towing and a maximum speed of 20 knots. Higher transit speed will increase vessel revenues, while lower fuel consumption will reduce vessel environmental impact and operating cost. Overall, the vessels are expected to be among the most cost efficient in the industry.

The acquisition of the vessels will be financed through a combination of equity and mortgage debt. GC Rieber Shipping has obtained loan commitments from DnBNOR covering 60% of the total investment.