The new company Shearwater GeoServices will be 50 – 50 owned by GC Rieber Shipping and Rasmussengruppen. It will takeover the seismic vessels Polar Empress, Polar Duke, Polar Duchess, and Polar Marquis valued at $228.5m from GC Reiber.
Shearwater is planning to buy the seismic equipment, including streamers, and the operating company Dolphin Geophysical UK Ltd. Shearwater’s organisation will in part come from former Dolphin Geophysical staff as well as new hires.
"Over a period of time, we have examined opportunities to establish a new geophysical company, based on the four high-end vessels we currently own. In Rasmussengruppen, we have found a partner who shares our view of the opportunities offered by the geophysical market at present, and, equally important, who shares our vision to build and develop Shearwater into a leading player in the industry", said Irene Waage Basili, ceo of GC Rieber Shipping.
Hinting at further consolidation in the sector going forward Dag Rasmussen group ceo of Rasmussengruppen said: “Shearwater is set up from the start with a modern and cost-efficient fleet, an experienced organization, and a solid financial platform. Supported by GC Rieber's extensive industry experience, we believe Shearwater will have a unique position in the market that can also consider further strategic opportunities.”
The two companies will inject $60m in new equity into Shearwater. New terms have been negotiated with lending banks for the four vessels from GC Reiber with a 75% reduction in installment payments until June 2019 and an extension of the loans until the end of 2022.
The deal is expected to close in the fourth quarter.
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