Dolphin Geophysical is to redeliver the survey vessel Polar Duke to GC Rieber Shipping earlier than scheduled in an effort to cut its hire costs by around $16m.
“This, together with Dolphin’s improved terms of bank loans and reduced charter rates on Dolphin’s vessels from Sanco, will significantly improve Dolphin’s cost base,” GC Rieber said today in an exchange filing.
The two Oslo-listed companies have also agreed to extend Dolphin’s charters of GC Rieber’s survey vessels Polar Duchess and Polar Marquis by a further 18 months.
GC Rieber will grant Dolphin a $5m rolling credit facility, consisting of payments due to the company. The facility is effective for the next nine months.
In addition, Dolphin has secured a $15m short-term bank loan to meet its accounts receivables, and has agreed a nine-month repayment holiday on two term loans from its banks.
