Norwegian offshore shipowner Shearwater GeoServices has clinched a $437m refinancing after big expansion in recent years.
The company, owned 19% by Oslo-listed GC Rieber Shipping, has replaced most of its borrowings, including the $325m bridging facility dating from the acquisition of the seismic assets and operations of Schlumberger's WesternGeco in November 2018.
The new debt matures over two and four years, replacing $500m of earlier borrowings.
The only debt not refinanced is the liabilities assumed as part of the acquisition of ships from France's CGG in January 2020.
Shearwater's landmark $600m deal in 2018 to buy US giant Schlumberger's assets included a 12-ship fleet.
"The new debt structure and payment profile provide Shearwater with flexibility and a more robust financial platform," the company said.
New cash from shareholders
In addition, shareholders will pump in $25m of new equity as part of the deal.
GC Rieber expects to book a non-cash loss of about $2m as a result of this share issue, which will reduce its holding to 17.6%.
But the company will be released from guarantees it took on when it spun off Shearwater.
In January, Shearwater completed its acquisition of CGG's seismic vessel fleet.
But later this year it suspended talks on a new technology partnership with the French company, due to Covid-19 effects on the oil and gas sector.
The seismic survey companies had agreed to explore a partnership in June last year.
