Shearwater GeoServices Establishment Complete

Polar Marquis

GC Rieber Shipping and Rasmussengruppen have completed the establishment of the jointly owned marine geophysical company Shearwater GeoServices.

As GC Rieber informed, the final conditions for completion have now been fulfilled and the transaction has been completed.

GC Rieber Shipping and Rasmussengruppen will own the company 50/50.

Starting out with a fleet of four seismic vessels, Shearwater GeoServices will become an integrated provider of marine geophysical services to oil and gas and multi-client companies.

The company will take over four seismic vessels: Polar Empress, Polar Duke, Polar Duchess, and Polar Marquis and the partners will also inject USD 60 million in equity in the form of cash.

Terms have been renegotiated with the lending banks for the four vessels. Shearwater has also agreed on the main terms to purchase the seismic equipment (including streamers) and the operative entity, of Dolphin Geophysical UK, which includes the processing business from the former lending banks of Dolphin Geophysical.

Shearwater will receive technical and crewing support from GC Rieber Shipping with regards to marine operations. Shearwater’s own organization is being established, in part on former Dolphin Geophysical staff and in part on new hires.

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