Norway's GC Rieber Shipping is looking to raise almost $30m in equity to finance Shearwater GeoServices' takeover of US giant Schlumberger's seismic assets and operations, including its 12-ship fleet.
Shearwater, a 50-50 joint venture between GC Rieber and Norwegian tanker owner Rasmussengruppen, in August entered into a deal to buy WesternGeco for an undisclosed price.
GC Rieber Shipping's board of directors today proposed issuing 28.9 million company shares in an attempt to raise NOK 246m ($29.4m) at a subscription price of NOK 8.50 per share.
GC Rieber Shipping will provide $28.5m of new equity to geophysical spin-off Shearwater related to the buy, having penned a short-term shareholder loan with top shareholder GC Rieber.
GC Rieber has fully underwritten the issue and will take up 70.4% of the shares.
GC Rieber Shipping, which expects repay the loan through the issue, will bring the proposal before shareholders on 28 November.
SpareBank 1 Markets is the issue's manager and receiving agent.
GC Rieber Shipping owns special purpose vessels for the subsea, ice/support and marine seismic segments.
