Dolphin Gets Loan to Buy Seismic Equipment

Norway’s Dolphin Geophysical, a marine geophysical services provider, has today reached a deal with DNB Bank ASA and Sparebank 1 SR Bank ASA to increase its existing loan with the banks to $55.5 million.

Dolphin will use part of the cash to pay for seismic equipment on its vessels Geo Atlantic and Polar Duke.

The company has earmarked $30 million for seismic systems on the Geo Atlantic, and $25.5 million to expand the seismic streamer capacity on the Polar Duke.

The Geo Atlantic is a 3D seismic vessel built in 2002. It will be upgraded to a 14 streamer seismic vessel at a yard in Singapore. The vessel is expected to be delivered to Dolphin during the 4th Quarter 2013.