​​​17th December 2020

Shearwater GeoServices signs USD 437 million refinancing of main debt facilities

Shearwater GeoServices Holding AS (Shearwater) has signed new debt and guarantee facilities totalling USD 437 million, as part of the planned refinancing of the company’s maturing debt. The new facilities include the refinancing of the USD 325 million bridge facility originating from the acquisition of the marine seismic acquisition assets and operations of WesternGeco in November 2018.

“We enjoy continued confidence from our lenders whose long-term backing has supported Shearwater in driving the necessary consolidation in the market. The agreed financial structure provides us with a flexible and robust financial platform for pursuing our long-term strategy and solidifies our position for a market recovery”, said Andreas Hveding Aubert, the CFO of Shearwater.

The new facilities with two- and four-years maturities have been signed with DNB Bank ASA, SpareBank 1 SR-Bank AS, DVB Bank SE and GIEK. 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.

Additionally, Shearwater’s existing shareholders will contribute USD 25 million of new equity as part of the refinancing.

For further information
Andreas Hveding Aubert, Chief Financial Officer, phone +47 48 01 40 70
Jonas Gade Christensen, Strategy and Investor Relations Manager, phone: +47 94 42 55 11

About Shearwater GeoServices Holding AS
Shearwater GeoServices Holding AS is a global, customer-focused and technology-driven provider of marine geophysical services. The company has the world’s largest fleet of high-end seismic vessels and a portfolio of proprietary technologies and software that provide customers with a full range of towed streamer and ocean bottom geophysical acquisition techniques, efficient surveys and high-quality data. Shearwater has an industry-leading cost position and a strong balance sheet. Headquartered in Bergen, Norway, Shearwater is owned by RASMUSSENGRUPPEN AS, GC Rieber Shipping ASA, Schlumberger and Eidesvik Offshore.