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Marine Log

December 28, 2006

Geo ASA sells two seismic vessels

Geo ASA has signed a contract to sell its vessels MV Geowave Commander and Geomaster to a Norwegian company in which it holds a 20 percent stake

MV Geowave Commander was delivered today and MV Geomaster will be delivered after its conversion to seismic Vessel in May/June 2007.

The vessels were bought in Japan 11 months ago, and the sale will give a profit of approx. USD 20 mill and a cashflow of approx. USD 40 mill.

Geo ASA says the "the sale is motivated by the wish to concentrate on the core business."

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