Dolphin Geophysical AS, a wholly-owned subsidiary of Dolphin Group ASA, has today entered into a term sheet with DNB Bank ASA and Sparebank 1 SR Bank ASA, which contemplates an increase of Dolphin’s existing loan facility with the lenders.
The increased amount under the facility will be employed for financing seismic equipment for the vessels “Geo Atlantic” and added streamer capacity for “Polar Duke”.
Undrawn amount under the facility is USD 55.5 million per date, of which USD 30 million is planned for the new “Geo Atlantic” equipment and USD 25.5 million for the “Polar Duke” equipment, which was repaid with USD 21 million in February 2013.
Dolphin Group ASA will act as guarantor for Dolphin Geophysical AS’ obligations towards the lenders under the facility, and the term sheet contemplates that Dolphin Geophysical AS will grant certain other security in favour of the lenders.
The availability of the facility is subject to final loan documentation and the fulfillment of certain other conditions precedent, which is scheduled completed no later than 15 June 2013.
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Press Release, May 24, 2013