OSLO: GC Rieber Shipping ASA‘s 19% owned geoservices company Shearwater GeoServices Holding AS has entered into agreements for refinancing of a majority of the company’s outstanding debt, including the USD 325 million bridge facility originating from the acquisition of the marine seismic acquisition assets and operations of WesternGeco in November 2018.
Shearwater has signed new debt and guarantee facilities totalling USD 437 million with its lenders. The new facilities have two- and four-years maturities. They replace approximately USD 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. The refinancing is subject to customary closing conditions.
The new debt structure and payment profile provide Shearwater with flexibility and a more robust financial platform.
Additionally, Shearwater’s existing shareholders will contribute USD 25 million of new equity as part of the refinancing.
GC Rieber Shipping expects to book a non-cash loss of approximately USD 2 million as a result of the share issue. Following the share issue GC Rieber Shipping’s ownership in Shearwater will be 17.6%. Upon completion of the refinancing, GC Rieber Shipping will be released from the guarantees provided upon establishment of Shearwater as described in GC Rieber Shipping’s annual reports.
GC Rieber Shipping is a shipowner and project-house with focus on developing profitable and sustainable maritime projects.