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November 16, 2018updated 20 Nov 2018 1:15pm

Shearwater closes deal to buy Schlumberger marine seismic unit

Shearwater GeoServices has closed the transaction to purchase the marine seismic acquisition assets and operations of WesternGeco, the geophysical services product line of oilfield services firm Schlumberger.

Shearwater GeoServices has closed the transaction to purchase the marine seismic acquisition assets and operations of WesternGeco, the geophysical services product line of oilfield services firm Schlumberger.

The company signed an agreement for the transaction with Schlumberger in August.

As a result of the transaction, Schlumberger now owns a 15% stake in Shearwater. Other shareholders include RASMUSSENGRUPPEN and GC Rieber Shipping, which respectively own 65% and 20%.

GC Rieber Shipping CEO Einar Ytredal said: “Shearwater has become a leading global marine seismic services provider with a strong financial platform able to deliver exceptional customer solutions.

“We are pleased to have been instrumental in developing yet another market-leading company at the same time as we create value for our shareholders.”

Shearwater acquired ten seismic acquisition vessels, including seven 3D vessels and three multipurpose vessels (MPVs) configured to serve the growing ocean bottom seismic (OBS) market. The acquisition also includes 12 complete streamer sets with spares and two source vessels.

“We are pleased to have been instrumental in developing yet another market-leading company at the same time as we create value for our shareholders.”

With the transaction, Shearwater provides marine geophysical services with an increased fleet of 14 seismic vessels. The company’s acquisition service portfolio includes 3D, 4D and OBS.

The company also holds an array of streamer technology and processing software that support the execution of geophysical surveys and delivery of high-quality data.

At the time of signing the agreement, WesternGeco president Maurice Nessim said: “With the divestiture of our marine seismic acquisition business, WesternGeco will be strategically positioned as one of the largest asset-light geophysical services providers in the oil and gas industry.”

Schlumberger received a $600m cash consideration for the transaction. The acquisition also saw a $50m investment in Shearwater for working capital purposes.

The agreement will allow Schlumberger to have an option to utilise two vessels from Shearwater on potential multi-client work for the first two years.

Shearwater serves clients in offshore basins around the world.

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