Polarcus buys Dolphin’s streamer package

Polarcus, an offshore geophysical company, has announced the purchase of a complete marine seismic in-sea acquisition system from a Norway-based seismic acquisition specialist, Dolphin Geophysical, for a price of $11.5 million.

The streamer package comprises 12 x 8100m active streamers and all peripheral in-sea equipment.

According to Polarcus, the purchase provides the company with its planned seismic capex requirements for the next three years, and is within its previously guided capex budget for 2016.

Polarcus also said that the purchase is partly financed through a loan of $8 million.

Back in  December 2015, Dolphin Group filed for bankruptcy after an attempt to restructure the company had failed. Following the bankruptcy, Dolphin’s shares were delisted from the Norwegian stock exchange, Oslo Børs.