Posted On: 21-12-2020
Shearwater GeoServices has signed new debt and guarantee facilities totalling $437 million, as part of the planned refinancing of the fake rolex company's maturing debt. The new facilities include the refinancing of the $325 million bridge facility originating from the acquisition of the marine seismic acquisition assets and operations of WesternGeco in November 2018. Andreas Hveding Aubert, the CFO of Shearwater, said: “We enjoy continued confidence from our lenders whose long-term backing has supported Shearwater in driving the necessary consolidation in the market. The agreed financial structure provides us with a flexible and robust financial platform for pursuing our long-term strategy and solidifies our position for a market recovery”. The new facilities with two- and four-years maturities have been signed with DNB Bank ASA, SpareBank 1 SR-Bank AS, DVB Bank SE and GIEK. They replace approximately $500 million of debt under the old structure, effectively refinancing all corporate facilities except for the net liabilities assumed as part of the acquisition of the CGG vessels in January 2020, according to Shearwater. The refinancing is subject to customary closing conditions, the company noted. Additionally, Shearwater said its existing shareholders will contribute $25 million of new equity as part of the refinancing. To remind, Shearwater has recently secured a 3D seismic acquisition contract in India’s Bay of Bengal for oil and gas company Reliance Industries.
