Geomaster to become seismic vessel

Geo ASA?s subsidiary Geo Subsea Pte Ltd in Singapore has signed a contract with Wavefield Inseis AS for the ?Geomaster?. The contract commences November 2006 and will have a duration of seven years. To meet the terms of the contract, the vessel will be converted into a seismic vessel and Geo will contribute $22 million to the conversion costs.

The ?Geomaster? was built in 2000 as a combined offshore support and cable lay vessel to undertake subsea servicing and construction support operations. The vessel is equipped with a highly advanced and powerful diesel-electric propulsion system and is DP class 1 notation.