Shearwater GeoServices Holding is to acquire the marine seismic acquisition assets and operations of WesternGeco, Schlumberger's seismic acquisition arm, for US$600mM and a 15% post-closing equity interest.
Under the terms of the agreement, Shearwater will acquire 10 high-end seismic acquisition vessels, including seven 3D vessels and three multipurpose vessels configured to serve the growing ocean-bottom seismic (OBS) market, 12 complete streamer sets with spares, as well as two source vessels. The transaction also includes WesternGeco proprietary marine seismic technology, as well as development and manufacturing facilities in Norway and Malaysia.
Upon completion of the deal, Shearwater will own and operate a fleet of 14 fully-equipped seismic vessels offering a full range of acquisition services, including 3D, 4D and OBS. It will have a portfolio of proprietary streamer technology and processing software and employ 600 people worldwide.
Shearwater chief executive Irene Waage Basili said: "We will combine two strong complementary businesses and create an industry-leading full-service geophysical company, with a solid financial and strategic platform."
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