Norway’s GC Rieber Shipping has entered into an agreement with Dolphin Geophysical, as part of an overall restructuring agreement, to improve Dolphin’s competitiveness in a challenging market.

Namely, GC Rieber Shipping will take early redelivery of the vessel Polar Duke, representing approx. USD 16 million in reduced hire payments for GC Rieber Shipping. Acording to Oslo-listed company, this, together with Dolphins improved terms of bank loans and reduced charter rates on Dolphins vessels from Sanco, will significantly improve Dolphin’s costbase.

In addition, GC Rieber Shipping will grant Dolphin a rolling credit facility of USD 5 million, consisting of payments due to GC Rieber Shipping. The credit facility is effective for 9 months.

As part of the same agreement, the firm periods of the Polar Duchess and the Polar Marquis charters have been extended by 18 months.

“We are satisfied we’ve been able to reach an agreement together with other major stakeholders that supports Dolphin Geophysical in improving their competitiveness in the challenging market ahead,” says CEO Irene Waage Basili.