GC Rieber finds work for ‘Polar Marquis’ in Black Sea

GC Rieber Shipping, through its wholly owned subsidiary Dolphin Geophysical LTD, has entered into an agreement for seismic acquisition and processing services in the Black Sea. 

The agreement includes the delivery of a fast track 3D volume for Black Sea Oil & Gas S.R.L and its co-venture partners.

The job will utilize the 16 streamer seismic vessel Polar Marquis, towing a high resolution multi-streamer configuration and it will last for 45 days. The seismic vessel was built in 2000, converted in 2006 and completed a 4 month upgrade in 2014.

The company said the contract would start shortly and the vessel acquisition would take place offshore the Romanian coast of the Black Sea.

“In this challenging market we’re pleased to see that clients value our highly advanced assets and our ability to adapt to specific needs, together with the high quality acquisition and processing services delivered by Dolphin Geophysical LTD,” says CEO Irene Waage Basili.

To remind, back in October 2015 Dolphin Geophysical was given a boost after agreeing to an early redelivery of the Polar Duke seismic vessel to GC Rieber Shipping. As part of the same agreement, the firm periods of the ‘Polar Duchess’ and the ‘Polar Marquis’ vessels charters were extended by 18 months.

A couple of months later, Dolphin Group filed for bankruptcy. Simultaneously with the company filing for bankruptcy, its subsidiary Dolphin Geophysical AS filed a petition for bankruptcy with the relevant court.

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