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GC Reiber Shipping has $20m exposure to Dolphin Group bankruptcy

GC Reiber Shipping has $20m exposure to Dolphin Group bankruptcy
GC Reiber Shipping says it has $20m in receivables outstanding from Dolphin Geophysical that announced today it was filing for bankruptcy.

GC Reiber has three of its fleet of four seismic vessels on charter to Dolphin Geophysical.

“GC Rieber Shipping has had three vessels on long term contract to Dolphin and will immediately initiate a process to evaluate alternatives for employment of its seismic fleet,” the company said.

The Polar Duchess and Polar Marquis were on charter until April and October 2017, respectively, while the Polar Empress was on charter until 2020 to Dolphin Geophysical.

“GC Rieber Shipping believes its high quality and efficient vessels will attract interest even in a further consolidated seismic market,” it added. According to the company’s website its one other seismic vessel the Polar Duke is current without employment and available promply for charter.

The Norwegian offshore vessel owner said had $20m in receivables outstanding from Dolphin Geophysical. “GC Rieber Shipping will seek to recover outstanding and future claims and losses from the Estate, but it is uncertain to which extent demands will result in significant coverage,” it said.