Offshore seismic service provider Seabird Exploration has secured a three-year $16m credit facility with Sparebank 1.
The proceeds from the loan will used to repay a bond loan expiring in June, and to outfit the research vessel Fulmar Explorer for seismic operations.
The outfitting project will commence in the first quarter with an expected duration of three months.
Additionally, the company has entered into a two-year flexible charter agreement with Uksnøy for the 2007-built Geo Barents. The contract also include two one-year options. The vessel will be equipped for source, 2D and niche 3D work with expected availability ultimo March.
Lastly, the company has decided to decommission the 1985-built vessel Osprey Explorer and recycle the in-sea seismic equipment to the Geo Barents.
“Through these initiatives, the company will have an upgraded fleet of 6 owned and chartered vessels, enabling the company to offer its clients a modern and competitive fleet in its industry segments,” the company said in a release.