Shearwater increases seismic vessel fleet

April 29, 2021
Shearwater GeoServices has purchased marine seismic acquisition assets previously owned by Polarcus.

Offshore staff

BERGEN, Norway Shearwater GeoServices Holding AS has completed two transactions with Tiger Moth AS to take over marine seismic acquisition assets previously owned by Polarcus.

Shearwater has acquired streamers and related seismic equipment for $50 million and purchased six seismic acquisition vessels for $127.5 million.

Irene Waage Basili, CEO of Shearwater, said: “These investments allow us to significantly extend the commercial life of our fleet and streamer pool and to accelerate our fleet renewal program to meet regulatory and public expectations facing our industry.

“By extending the runway of our asset base and maintaining our scale, we are proactively strengthening Shearwater’s position to invest in new technologies and the growing seabed market.”

According to the company, the transactions are financed through a new vessel loan facility provided by DNB and GIEK of $107.5 million and a convertible loan from Rasmussengruppen for $85 million, with $15 million available for general corporate purposes.

Earlier this month, PXGEO agreed to acquire the seismic vessel Vyacheslav Tikhonov from Polarcus.