EuropeFinance and InsuranceOffshore

Shearwater GeoServices seals $437m refinancing

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.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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