GC Rieber Shipping ASA has today entered into an agreement with Dolphin Geophysical as part of an overall restructuring agreement to improve Dolphin's competitiveness in a challenging market.
GC Rieber Shipping will take early redelivery of the vessel Polar Duke, representing approx. USD 16 million in reduced hire payments for GC Rieber Shipping. This, together with Dolphins improved terms of bank loans and reduced charter rates on Dolphins vessels from Sanco, will significantly improve Dolphin's costbase.
In addition, GC Rieber Shipping will grant Dolphin a rolling credit facility of USD 5 million, consisting of payments due to GC Rieber Shipping. The credit facility is effective for 9 months.
As part of the same agreement, the firm periods of the Polar Duchess and the Polar Marquis charters have been extended by 18 months.
«We are satisfied we've been able to reach an agreement together with other major stakeholders that supports Dolphin Geophysical in improving their competitiveness in the challenging market ahead», says CEO Irene Waage Basili.
For further information, please contact:
CEO Irene Waage Basili, tel: (+ 47) 55 60 68 67 / (+ 47) 900 98 688
CFO Einar Ytredal, tel: (+47) 55 60 68 54 / (+47) 975 20 184
About GC Rieber Shipping:
GC Rieber Shipping's business within offshore/shipping includes ownership in specialized vessels, high quality marine ship management and project development within the segments subsea, ice/support and marine seismic. The group has a specialized competence in offshore operations in harsh environments as well as design, development and maritime operation of offshore vessels.
GC Rieber Shipping currently operates 13 advanced special purpose vessels for defined markets within the subsea, ice/support and marine seismic segments, of which the company owns 11.
The company has it's headquarter and a ship management office in Bergen, and an additional ship management company in Yuzhno-Sakhalinsk (Russia). The company is listed on Oslo Børs with ticker RISH.
Further information is available on the company's website www.gcrieber-shipping.com.