October 11, 2005 20:04 ET

Veritas DGC Inc. Announces Five-Year Extension of Time Charter on SR/V 'Veritas Viking'

HOUSTON, TEXAS--(CCNMatthews - Oct. 11, 2005) - Veritas' (NYSE:VTS)(TSX:VTS) Viking Maritime subsidiary announced today that it has exercised the option to extend the charter for the seismic research vessel SR/V "Veritas Viking". The extension is for a fixed period of five years beginning June 2006. Viking Maritime has additional options to further extend the charter for up to twelve years beginning in 2011. The SR/V "Veritas Viking" was delivered in May of 1998.

Veritas also has under charter the two sister vessels of the SR/V "Veritas Viking", the SR/V "Veritas Viking II" and the SR/V "Veritas Vantage", delivered in 1999 and 2002 respectively. The vessels are owned by Eidesvik Shipping AS, a wholly owned subsidiary of Eidesvik Offshore ASA, and operate on a worldwide basis for seismic acquisition research.

"Veritas and Eidesvik have managed to join forces on all levels for the benefit of both parties, and most importantly, for our clients," says Chief Operating Officer (COO) Jan Lodden. "Eidesvik's policy is to build and maintain long-term relationships with our clients. The five-year extension of the Time Charter is good news for us, and we are very satisfied that Veritas has given us the opportunity to further develop the cooperation".

Richard Price, Veritas' Senior Vice President Marine Acquisition, says "The Viking Class vessels have proven to be the most efficient, safe and flexible seismic vessels in the industry today, and are the bedrock upon which we have achieved our strong operational performance. We are very pleased with our relationship with Eidesvik, as it has allowed us to offer exceptional service worldwide since 1998. This five-year charter extension puts Veritas in a good position to continue to provide excellent service and deliver strong performance in the strengthening geophysical industry and demonstrates our confidence in the future of our worldwide cooperation with Eidesvik".

The vessel will be upgraded with new compressors and advanced seismic handling systems at the beginning of the extension period, to ensure continuous improvements to our high operating standards.

Veritas, headquartered in Houston, Texas, is a leading provider of integrated geophysical information and services to the petroleum industry worldwide.

Eidesvik Offshore ASA is the parent company in the Eidesvik-group. The Company operate 19 vessels within supply-, subsea- and seismic vessel and have about 500 employees. The main office and operational base is located at Bomlo on the Norwegian West coast. Eidesvik Offshore ASA is listed at the Oslo Stock Exchange with ticker: EIOF

Contact Information

  • Marine Acquisition
    C. Richard Price
    Senior Vice President
    832 351 8300
    Eidesvik Offshore ASA
    Jan Fredrik Meling
    Chief Executive Officer
    +47 5344 8012
    Eidesvik Offshore ASA
    Jan Lodden
    Chief Operating Officer
    +47 5344 8014