Oslo-listed vessel operator Green Energy Group is carrying out a strategic review of its options after being approached by “potential partners”.
The news could signal the continuing concentration of seismic survey ships into the hands of two major Norwegian players.
Green Energy, the former SeaBird Exploration, operates up to six ocean bottom node (OBN) source vessels at any one time, or more than 30% of the capacity in this segment.
The company said it had received interest from at least two potential allies.
“To this end, the board has decided to initiate a strategic review to explore all available options to maximise shareholder value,” the company added.
The plan is to engage with interested parties during the review.
The company has retained Fearnley Securities as financial advisor and Schjodt as legal advisor to assist in the process.
The two big players in the market are Shearwater GeoServices and PGS.
One other competitor was taken out of the equation last year, as Middle East owner Polarcus collapsed when its banks pulled the plug.
Most of the Polarcus fleet eventually ended up with Shearwater, an aggressive consolidator in the sector.
In 2020, rival PGS was restructured through a $1.2bn refinancing.
Green Energy had already said in January it was considering the disposal of a seismic survey ship after receiving interest from buyers.
The company revealed “several” prospective purchasers are circling the 80-loa Petrel Explorer (built 2008).
“A mandate has been signed with an intermediary to ensure an efficient sales process,” the company added.
The former Boa Thalassa is listed as idle by UK shipbroker Clarksons.
Share cash raised
The shipowner also retained Fearnley Securities as bookrunners earlier this month for a private placement of stock, which aimed to raise between NOK 20m and NOK 30m ($3.4m).
The company managed to sell all 14m shares on offer for NOK 30m.
The cash will go towards working capital requirements related to increasing activities within existing and new business segments, as well as towards general corporate purposes.
Certain existing shareholders and members of the board subscribed for shares totalling NOK 11m.
“The private placement attracted strong interest from both existing shareholders and new investors and was significantly oversubscribed,” Green Energy said.
