Dolphin Geophysical AS, a wholly-owned subsidiary of Dolphin Group ASA, has today entered into a term sheet with DNB Bank ASA and SpareBank 1 SR-Bank ASA, which contemplates an increase of the existing Loan Facility by USD 20 million to the total amount of USD 93 million.
Currently USD 50 million is undrawn and available to finance the seismic equipment for the vessels Polar Marquis (the new “Geo Atlantic”) and Sanco Sword, both vessels to be delivered in 2014.
The new terms allow for a potential third party to provide additional seismic equipment financing, which will mean that the DnB/SR-Bank facility can be used for the “Super Duke”, the final vessel of Dolphin’s existing business plan (planned delivery 1H 2015).
The availability of the facility is subject to final loan documentation.
Press Release, November 13, 2013