Norwegian shipping company GC Rieber Shipping and Rasmussengruppen have completed the transaction regarding the forming of jointly owned marine geophysical company Shearwater GeoServices.
GC Rieber said on Friday that the final conditions for transaction completion had been fulfilled.
The two companies entered into the agreement to form the new company in October with Shearwater taking over four GC Rieber’s seismic vessels: Polar Empress, Polar Duke, Polar Duchess, and Polar Marquis with the corresponding vessel loans being transferred from GC Rieber to Shearwater.
Apart from the vessels, the agreement entailed a $5 million injection of liquidity through new equity by GC Rieber Shipping while Rasmussengruppen agreed to inject an additional $45 million.
Shearwater also agreed to purchase seismic equipment, including streamers, and the processing business from the former lending banks of Dolphin Geophysical.
Technical and crewing support to Shearwater for marine operations will be provided by GC Rieber with the company’s organization being established in part from former Dolphin Geophysical staff and in part from hired staff. The company will be capable of offering customers with fully integrated geophysical services and operations from the start.
Now that the transaction is complete, the new Bergen-headquartered company will be owned 50/50 by GC Rieber Shipping and Rasmussengruppen.
To remind, GC Rieber CEO Irene Waage Basili, who was also named an interim CEO of Shearwater, temporarily vacated her position in GC Rieber to fully focus on Shearwater until a permanent CEO of the new company was recruited.
Offshore Energy Today Staff