Shearwater has signed new debt and guarantee facilities totalling US$437 million, as part of the planned refinancing of the company’s maturing debt.
The new facilities include the refinancing of the US$325 million bridge facility originating from the acquisition of the marine seismic acquisition assets and operations of WesternGeco in November 2018.
“We enjoy continued confidence from our lenders whose long-term backing has supported Shearwater in driving the necessary consolidation in the market. The agreed financial structure provides us with a flexible and robust financial platform for pursuing our long-term strategy and solidifies our position for a market recovery”, said Andreas Hveding Aubert, the CFO of Shearwater.
The new facilities, with two- and four-years maturities, have been signed with DNB Bank ASA, SpareBank 1 SR-Bank AS, DVB Bank SE and GIEK. They replace approximately Us$ 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 US$25 million of new equity as part of the refinancing.
