Dolphin to upgrade, expand its offshore geophysics vessel fleet

Offshore staff

OSLO, Norway – Dolphin Group ASA (OSE:DOLP) has entered two heads of agreement with GC Rieber Shipping for two 3D seismic vessels.

The Geo Atlantic will be upgraded by Rieber to a 14-streamer vessel in Singapore for delivery to Dolphin in 4Q 2013 when it begins a three year six month fixed term. There are options for two plus two year extensions.

A newbuild 22-streamer 3D seismic survey ice-class vessel will be built at Kleven in Norway for delivery to Dolphin in 1Q 2015. It will have a fixed five-year contract with options for two three-year extensions. It will be based on an updated version of the design for the Polar Duke and Polar Duchess.

Dolphin also says it plans to raise as much as $41 million from stock sales to fund the equity part of the streamer package for the Geo Atlantic and other purposes.

2/14/2013

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