GC Rieber Shipping, Sanco throw a lifeline to Dolphin

Dolphin Geophysical seismic company has been given a boost after agreeing to an early redelivery of the Polar Duke seismic vessel to GC Rieber Shipping, and improved terms on other vessels.

According to GC Rieber Shipping, Dolphin has also secured improved terms of bank loans and reduced charter rates on Sanco vessels it has under charter.

In its Monday filing to Oslo Stock Exchange, GC Rieber Shipping said it would take early redelivery of the vessel Polar Duke, representing approximately $16 million in reduced hire payments for GC Rieber Shipping. As part of the same agreement, the firm periods of the ‘Polar Duchess’ and the ‘Polar Marquis’ vessels charters have been extended by 18 months.

In addition, GC Rieber Shipping said it would grant Dolphin a rolling credit facility of $5 million, consisting of payments due to GC Rieber Shipping. The credit facility is effective for 9 months.

In a separate statement, Dolphin said a rolling credit facility totalling USD 8.5 million has been granted to Dolphin by the two ship owners, meaning that Sanco has agreed to a $3.5 million loan.

“We are satisfied we’ve been able to reach an agreement together with other major stakeholders that supports Dolphin Geophysical in improving their competitiveness in the challenging market ahead,” says GC Rieber Shipping ASA CEO Irene Waage Basili.

Dolphin Geophysical CEO Atle Jacobsen, CEO, said: “I am pleased to be able to announce that this significant milestone is achieved, with all elements contributing to improved liquidity.

“The support shown by major stakeholders demonstrated throughout Dolphin’s growth has always been critical to Dolphin’s success; their continued support is now equally important in ensuring Dolphin’s resilience to weathering the current stormy market conditions.”

Offshore Energy Today Staff

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