Thursday 15 November 2018

Shearwater GeoServices Holding AS announced the completion of the acquisition of the marine seismic acquisition assets and operations of WesternGeco, the geophysical services product line of Schlumberger. The transaction was completed following receipt of relevant regulatory approvals and satisfaction of customary closing conditions.

The transaction makes Shearwater a global, customer-focused and technology-driven provider of marine geophysical services, which owns and operates a fleet of 14 fully equipped seismic vessels offering a full range of acquisition services including 3D, 4D and ocean bottom seismic (OBS). Shearwater develops and offers high quality processing and imaging services. The company also holds a portfolio of proprietary technologies and inhouse processing software enabling effective execution of geophysical surveys and delivery of high-quality data. Shearwater has close to 600 employees and operates in all major offshore basins around the world.

The acquisition and related transactions were executed in accordance with the 22 August 2018 announcement, including an additional USD 50 million cash injection to Shearwater for working capital purposes. Going forward, Shearwater has three strong and complementary owners with RASMUSSENGRUPPEN AS holding 65%, GC Rieber Shipping ASA 20% and Schlumberger 15%.