Shearwater GeoServices has expanded its fleet through the purchase of six seismic acquisition vessels previously operated by Polarcus
It has tightened its position in the market through the US$177M acquisitions, funded by ship finance, taking advantage of the financial woes at vessel operator Polarcus, which went into administration in Q1 2021 while struggling to service its rising debts.
As well as the six seismic acquisition vessels for US$127.5M, Shearwater has bought towed streamers and related seismic equipment for a total cash consideration of US$50M.
The equipment and vessels were sold by Woodstreet Inc affiliate Tiger Moth to help repay debts.
The vessels are Polarcus Adria, Alima, Amani, Asima, Nadia and Naila.
According to Oslo-listed GC Rieber Shipping, which owns 17% of Shearwater GeoServices Holding, these transactions are financed through new loans and ship finance.
Shearwater secured a loan facility provided by DNB and GIEK of US$107.5M and a convertible loan from Rasmussengruppen for US$85M. Around US$15M of the convertible loan is available for general corporate purposes.
In another deal, Eidesvik Shipping subsidiary Eidesvik Offshore sold platform supply vessel Viking Athene on 28 April, out of the North Sea oil and gas market. This 2006-built, 3,546-dwt ship will be converted into a farming service vessel by its new owner. Eidesvik Shipping said the sale of this vessel will result in an immaterial accounting effect for the Q2 2021 results.
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