GC Rieber refinances five survey vessels with $226m in loans

GC Rieber refinances five survey vessels with $226m in loans

Athens: Norway’s GC Rieber Shipping has refinanced five of its research/survey vessels with $226m in loans from two banking consortia.

The company has terminated its NOK 250m ($31.9m) credit facility from Handelsbanken, which it says will save $1m annually in financial costs.

The first agreed loan package will refinance the vessels Polar Duke (2,200 dwt, built 2010),  Polar Duchess (2,978 dwt, built 2011) and Polar Marquis (5,494 dwt, built 1998).

DNB Bank (the agent), DVB Bank and Sparebank 1 SR-Bank have agreed to collectively lend GC Rieber $135m, of which $25m is a revolving credit facility. The loan has a term of six years and a 10-year profile.

The Bergen-based company has also agreed with Nordea Bank Norge, Sparebank 1 SR-Bank and Sparebanken Vest to refinance existing loans on the survey vessels Polar Queen and Polar King (both 1,500 dwt, built 2011) .

The consortium, led by agent Nordea Bank Norge, will lend $91.25m, of which $21.25m is a revolving loan facility, GC Rieber said. The loan has a six-year term with a 12-year profile.

GC Rieber Shipping operates 13 special-purpose offshore vessels within the subsea, ice/support and marine seismic segments, of which 11 are owned by the company.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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