The Soviet test site will be moved to Novaya Zemlya, a large island in the Barents Sea within the Arctic Circle, the newspaper said.
The ship was spotted in the Barents Sea about 75 miles east of the Norwegian town of Vardoe and north of the Kola Peninsula.
After posting losses in the late 1980s, Learjet has been profitable in the past two years, Mr. Barents said.
"Our competitors have made hay out of the fact that our parent is bankrupt," says Brian E. Barents, Learjet's chairman, president and chief executive.
It said the Soviet military resumed nuclear testing at another site in the Novaya Zemlya islands in the Barents Sea two weeks ago. That test prompted widespread protests inside and outside the Soviet Union.
The Barents Sea is north and east of the Kola Peninsula in northwestern Soviet Union.
The others are the frigid Barents Sea north of Sweden and Norway, and through Turkey's narrow Bosporus strait into the Mediterranean.
In the Russian part of the Barents Sea, Shtokmanovskoye, believed to be the world's biggest offshore gas field, was discovered five years ago.