Seabird Exploration upgrades fleet with new financing

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.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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