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Shearwater GeoServices acquires WesternGeco from Schlumberger

Aug 26, 2018
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Norway's Shearwater GeoServices has agreed to pay Schlumberger US$600 million for the marine seismic acquisition assets and operations of WesternGeco, the geophysical services product line of Schlumberger.

The deal is subject to regulatory approvals and the deal is expeced to close in the fourth quarter of 2018.

Under the terms of the agreement, Shearwater will acquire 10 high-end seismic acquisition vessels, including seven 3D vessels and three multipurpose vessels (MPVs) configured to serve the growing OBS market, 12 complete streamer sets with spares, as well as two source vessels. The proposed transaction also includes WesternGeco proprietary marine seismic technology, as well as development and manufacturing facilities in Norway and Malaysia.

After completion of the transaction, Shearwater will have close to 600 employees and operate in all major offshore basins around the world.

“We will combine two strong complementary businesses and create an industry-leading full-service geophysical company with a solid financial and strategic platform,” says Irene Waage Basili, CEO, Shearwater. “Our strategy has been to build a stronger company during the downturn, and we are very pleased to see the commitment made by our owners, which enables this transaction.” 

Under the terms of the agreement, Schlumberger will have an option to utilise two vessels from Shearwater on potential multiclient work for the first two years after closing the transaction.

Maurice Nessim, president, WesternGeco, added: “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. Through access to the industry’s global marine fleet, including Shearwater’s vessels, we will continue to provide our customers with exploration and discovery services that leverage our leading global multiclient library, advanced seismic imaging and interpretation services, with the aim of helping to accelerate hydrocarbon discovery.”

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