RASMUSSENGRUPPEN AS says it has executed two separate transactions, increasing the ownership in Shearwater Geoservices Holding AS to 88.8% of the shares outstanding.
The first transaction is the conversion of the interest-bearing convertible loan provided to Shearwater in 2021 as part of the financing of vessel and streamer investments. In December 2024, the loan and accrued interest totalling USD 110 million were converted into 22.203 new shares.
Separately, RASMUSSENGRUPPEN has acquired 30.850 shares from SLB. SLB has been a shareholder since 2018 when Shearwater acquired the marine seismic acquisition assets and operations of SLB. Following this transaction, SLB will hold a 2.5% equity share in Shearwater.
“Both transactions demonstrate strong support of Shearwater and our strategy by the main owner. The conversion of debt to equity further contributes to strengthen our balance sheet and liquidity,” said Andreas Hveding Aubert, the CFO of Shearwater.