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GC Rieber Shipping: Shearwater GeoServices acquires streamers and renews fleet

GC Rieber Shipping ASA’s 17% owned geoservices company Shearwater GeoServices Holding AS (Shearwater) today announced two transactions to take over marine seismic acquisition assets previously owned by Polarcus, from Tiger Moth AS, a company affiliated with Woodstreet Inc.

Shearwater has acquired streamers and related seismic equipment for a total cash consideration of USD 50 million. The company further purchased six seismic acquisition vessels for a total consideration of USD 127.5 million.

The transactions are financed through a new vessel loan facility provided by DNB and GIEK of USD 107.5 million and a convertible loan from Rasmussengruppen AS in the amount of USD 85 million. USD 15 million of the convertible loan is available for general corporate purposes.
Source: GC Rieber Shipping

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