GC Rieber Shipping ASA's 19% owned geoservices company Shearwater GeoServices
Holding AS ("Shearwater") has entered into agreements for refinancing of a
majority of the company's outstanding debt, including the USD 325 million bridge
facility originating from the acquisition of the marine seismic acquisition
assets and operations of WesternGeco in November 2018.
Shearwater has signed new debt and guarantee facilities totalling USD 437
million with its lenders. The new facilities have two- and four-years
maturities. They replace approximately USD 500 million of debt under the old
structure, effectively refinancing all corporate facilities except for the net
liabilities assumed as part of the acquisition of the CGG vessels in January
2020. The refinancing is subject to customary closing conditions.
The new debt structure and payment profile provide Shearwater with flexibility
and a more robust financial platform.
Additionally, Shearwater's existing shareholders will contribute USD 25 million
of new equity as part of the refinancing.
GC Rieber Shipping expects to book a non-cash loss of approximately USD 2
million as a result of the share issue. Following the share issue GC Rieber
Shipping's ownership in Shearwater will be 17.6%. Upon completion of the
refinancing, GC Rieber Shipping will be released from the guarantees provided
upon establishment of Shearwater as described in GC Rieber Shipping's annual
reports.
Contact information:
Einar Ytredal, CEO, GC Rieber Shipping, phone: +47 975 20 184
Øystein Kvåle, CFO, GC Rieber Shipping, phone: +47 479 02 919
About GC Rieber Shipping:
GC Rieber Shipping is a shipowner and project-house with focus on developing
profitable and sustainable maritime projects.
For further information about the company, please go to www.gcrieber
-shipping.com.
This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.