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Polarcus Snaps Up Dolphin’s Streamer Package

March 23, 2016

Oslo-listed seismic contractor, Polarcus, has acquired a complete marine seismic in-sea acquisition system from bankrupt seismic player Dolphin Geophysical.

Dolphin filed for bankruptcy in December last year after failing to secure financial support to keep the business afloat. The company’s UK business is still in operation.

Polarcus acquired the streamer package for a price of USD 11.5 million. It comprises 12 x 8100m active streamers and all peripheral in-sea equipment.

According to the company’s Stock Exchange announcement, the purchase provides Polarcus with its planned seismic CAPEX requirements for the next three years, and is within its previously guided CAPEX budget for 2016.

The purchase is partly financed through a loan of USD 8 million.

 

 

 

 

 

 

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