Seismic joint venture Shearwater GeoServices has entered into an agreement to refinance the majority of her company’s debt.
The new debt and guarantee facilities total $437m and replace approximately $500m of debt under the old structure refinancing all corporate facilities except for the net liabilities assumed as part of the acquisition of five CGG vessels in January.
“The new debt structure and payment profile provide Shearwater with flexibility and a more robust financial platform,” shareholder GC Rieber said in a release.
Shearwater shareholders GC Rieber Rasmussengruppen, Schlumberger and Eidesvik Offshore will contribute $25m of new equity as part of the refinancing.
