Use of proceeds to be split between capital expenditure to fund two ongoing projects on the Geoquip Silvretta and the Geoquip Elena vessels; general corporate purposes and repayment of existing debt

Geoquip Marine, a global leader in offshore geotechnical solutions and a Njord Partners portfolio company, is pleased to announce today it has successfully closed a €100million bond offering. This bond issuance significantly improves the Company’s cash balance, supports its continued growth, and is seen as a significant step in the Company’s ongoing maturation and development.

The bond was placed after a successful roadshow with investors and will be used to advance key strategic initiatives. The immediate use of proceeds will be allocated between the repayment of existing debt and funding for two transformational projects:

• The Geoquip Silvretta: As announced in December, Geoquip Silvretta is currently in a shipyard in Norway undergoing work to create a state-of-the-art geotechnical services platform for the offshore energy sector. The vessel is on track to start operations in the first half of 2025.
• The Geoquip Elena: The Company is preparing to install a rig on Geoquip Elena later this year to fully leverage her capabilities, transitioning her from current chartered status to maximise her potential from 2026 onwards.

Rune Olav Pedersen, Geoquip’s CEO, commented: “We are delighted to reach this significant milestone. The successful bond issuance not only enhances our financial position but also enables us to accelerate key initiatives supporting our continued expansion in the offshore geotechnical sector.”

Arctic and Pareto acted as joint bookrunners in the bond issuance.

Source: BUSINESS WIRE