(Oslo, 13 July 2021) Magseis Fairfield has reached an agreement with DNB for a temporary increase of its Revolving Credit Facility (RCF) from USD 30 million to USD 45 million as per 13 July 2021. The credit facility will be reduced back to the original USD 30 million level by 31 December 2021. The terms and conditions for the increased RCF, including covenants, are unchanged. DNB Bank ASA is the company’s sole lender.
The Company intends to utilize the increased credit facility solely for working capital purposes related to secured contracts.
“We have seen increased market activity in the first half of this year, and I am pleased that Magseis Fairfield have been able to secure more customer project work than was apparent late last year. The increased activity would inevitably lead to normalization of the company’s net working capital position, as stated in our quarterly earnings releases. We appreciate the continued support from DNB during this hectic period as we mobilize our crews”, says CFO Mark Ivin in Magseis Fairfield.
For further information, please contact:
Mark Ivin, CFO
Tel: +47 948 88 606
Carel Hooijkaas, CEO
Tel: +47 480 49 277
Magseis Fairfield is the global leading provider of ocean bottom seismic (OBS) technology and data acquisition projects. The company has a flexible business model with full scale node operations, as well as lease and sale models. The Marine Autonomous Seismic System "MASS" nodes and the range of Z-nodes combined with handling systems and source technology enables market leading deployment speed and highly cost-efficient acquisition of data with exceptional quality.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.