Norwegian surveyor Argeo has engaged Pareto Securities to explore the possibility of a sale and leaseback transaction involving the Argeo Venture vessel.
The proceeds from any such transaction are expected to replace the offer for a $10m bank loan and $2m credit facility in and provide improved cash liquidity over the previously announced loan and credit facility.
The company took delivery of the vessel in November of last year from compatriot offshore seismic specialist Shearwater GeoServices. It bought the vessel, formerly known as SW Bell and Polarcus Nadia, from Shearwater in September 2023 for $6m in cash and about 20.1m shares in Argeo.
The vessel was acquired as part of the strategic alliance between the companies. The Argeo Venture will start mobilizing in mid-March for a nine-month project for an oil major, after completion of certain reactivation and upgrade work. After the start of the project, will be busy for the remainder of 2024.
