Fugro to sell Seabed Geosolutions to PXGEO Seismic Services

31 March 2021 (Last Updated March 31st, 2021 15:59)

Dutch geological survey firm Fugro has agreed to divest certain assets of its non-core subsidiary Seabed Geosolutions PXGEO Seismic Services (PXGEO) in a cash deal worth $16m.

Fugro to sell Seabed Geosolutions to PXGEO Seismic Services
Fugro will use the proceeds from the sale to cover anticipated restructuring costs. Credit: Mihai Lazăr / Unsplash.

Dutch geological survey firm Fugro has agreed to divest certain assets of its non-core subsidiary Seabed Geosolutions PXGEO Seismic Services (PXGEO) in a cash deal worth $16m.

Under the binding agreement, Fugro will sell Seabed’s ocean bottom node (OBN) inventory, handling equipment, related technology and order backlog.

Upon the completion of the deal, a significant amount of personnel from Seabed Geosolutions’ business will be transitioned to PXGEO.

Fugro Mark Heine CEO: “It represents the final step in our exit from deep seismic data collection, which does not fit our Path to Profitable Growth strategy.

“Our strategy is centred around providing insights from geo-data to support our clients in managing their project risks during design, construction and operation of their assets.”

Fugro plans to use the proceeds from the sale to cover expected restructuring costs and other cash liabilities pertaining to wind down the remaining assets of the Seabed Geosolutions.

PXGEO founder, director and strategic advisor Peter Zickerman said: “We are excited to take Seabed Geosolutions into a new era and build on its world-class OBN operational expertise and innovative technology solutions.”

The transaction is slated to complete in mid-2021 and is subject to customary closing conditions.

Seabed Geosolutions is engaged in providing a wide range of ocean bottom seismic (OBS) solutions to the oil and gas industry.

Last year, Fugro said it performed a full remote inspection of an oil and gas platform in UK waters.

The inspection has been conducted using a remotely operated vehicle (ROV) and Fugro’s remote operations centre (ROC) in Aberdeen, Scotland.