Norwegian outfits GC Rieber Shipping and Rasmussengruppen have joined forces to set up a new 50/50 owned marine geophysical company, to be called Shearwater GeoServices.
Shearwater will be an integrated provider of marine geophysical services to oil and gas and multi-client companies worldwide, the firms say, with a fleet of four modern, high capacity seismic vessels and fully operational business lines (including on- and offshore processing capacities).
"Shearwater's core strategy will be to provide high quality marine geophysical services and utilize the company's attractive cost position," says GC Rieber.
The move will see Shearwater will take over the four ex-Dolphin Geophysical seismic vessels; Polar Empress, Polar Duke, Polar Duchess, and Polar Marquis from GC Rieber Shipping, and the corresponding vessel loans will be transferred from GC Rieber Shipping to Shearwater. Dolphin Geophysical's Norwegian business filed for bankruptcy last year, returning the four charter vessels to owner GC Rieber.
The total value of the four seismic vessels is about US$228.5 million, says GV Rieber. The current outstanding balance of these vessel loans is US$198.5 million.
GC Rieber Shipping will inject US15 million and Rasmussengruppen $45 million in liquidity through new equity into Shearwater.
Shearwater has also agreed on the main terms to purchase the seismic equipment (including streamers) and the processing business from the former lending banks of Dolphin Geophysical.
The sale of the vessels to Shearwater implies an impairment charge of approximately NOK130 million, says GC Rieber. This will be booked in Q3 2016.
The creation of the new firm is dependent on a number of conditions but is due to close in Q4.
The board of Shearwater will comprise Irene Waage Basili and Einar Ytredal from GC Rieber Shipping and Stein Vidar Håland and Trygve Lauvdal from Rasmussengruppen.
Irene Waage Basili will act as interim CEO for Shearwater until a permanent CEO is in place and Andreas Hveding Aubert will act as interim CFO. Peter Hooper will be COO, while Bjarne Stavenes will take the position as VP Marine Acquisition. In total approximately 140 people are employed by Shearwater and its subsidiaries as of 13 October 2016, says GC Rieber.
The company be headquartered in Bergen, Norway.
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