Offshore seismic firm Shearwater GeoServices has struck a deal with Tiger Moth, a company affiliated with Woodstreet, to buy marine seismic acquisition assets previously owned by Polarcus, who was taken over by its lenders following a loan default in January this year.
Shearwater has acquired six seismic acquisition vessels for a total consideration of $127.5m.
The company further purchased streamers and related seismic equipment for a total cash consideration of $50m.
The transactions are financed through a new vessel loan facility provided by DNB and GIEK of $107.5m and a convertible loan from Rasmussengruppen in the amount of $85m.
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