The 2000-built ship is on charter to Dutch contractor Fugro until October 2017 and can undertake three-dimensional seismic surveys for the oil and gas industry.

Rieber said the vessel would generate $8.5m per year in pre-tax earnings from the charter. It partially financed the acquisition with a $44m loan from DVB Bank.

PGS said its subsidiary Arrow Seismic Invest sold the vessel as part of a strategy to generate up to $200m from asset sales this year.

"The purpose of the sale is to reduce debt and strengthen our balance sheet," PGS president and chief executive Jon Erik Reinhardsen said.

PGS said the proceeds will be used to repay debt on Arrow vessels that includes cash spent on two seismic vessel newbuildings in Spain.

Rieber Shipping sold the vessel to Arrow in 2005. It was then known as the Polar King and was a fibre optic laying ship.

The ship was converted into the 3D seismic vessel for the Fugro charter.

Rieber said: "The re-acquisition of the vessel is in line with our strategy of taking advantage of attractive investment opportunities arising as a result of the present market situation."

In February this year, Rieber purchased two newbuilding offshore supply vessels to operated off eastern Russia as crew transport ships. These vessels are due to commence a five-year charter with Gazprom-led Sakhalin Energy Investment this month.

The acquisitions means Rieber operates seven multi-purpose offshore vessels that can undertake seismic surveys, ice research and subsea operations and the two crew ships.

It has four vessels on order for delivery this year and in 2010, and it manages 10 other seismic survey vessels for Oslo-listed PGS.

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