Shearwater GeoServices acquires streamers from Polarcus, renews fleet
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.
“These investments allow us to significantly extend the commercial life of our fleet and streamer pool and to accelerate our fleet renewal program to meet regulatory and public expectations facing our industry. By extending the runway of our asset base and maintaining our scale, we are proactively strengthening Shearwater’s position to invest in new technologies and the growing seabed market,” said Irene Waage Basili, the CEO of Shearwater.
Carnegie has acted as financial advisor, Arntzen de Besche Advokatfirma AS has acted as legal advisor to Shearwater in connection with the transactions. Crux Advisers has acted as communication advisor to Shearwater.
About Shearwater GeoServices Holding AS
Shearwater GeoServices Holding AS is a global, customer-focused and technology-driven provider of marine geophysical services. The company has the world’s largest fleet of high-end seismic vessels and a portfolio of proprietary technologies and software that provide customers with a full range of towed streamer and ocean bottom geophysical acquisition techniques, efficient surveys and high-quality data. Shearwater has an industry-leading cost position and a strong balance sheet. Headquartered in Bergen, Norway, Shearwater is owned by RASMUSSENGRUPPEN AS, GC Rieber Shipping ASA and Schlumberger.
(Source: Shearwater GeoServices)