Shearwater agrees to buy seismic fleet from Schlumberger

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Shearwater GeoServices has agreed to buy the marine seismic acquisition assets of Schlumberger’s geophysical services subsidiary WesternGeco.

The £500 million deal is expected to go through in the fourth quarter of 2018.

US energy service giant Schlumberger first announced its plans to offload the seismic acqusition assets in January, saying it wanted to focus on data processing and interpretation services instead.

WesternGeco has offices in London and Aberdeen.

Kent-headquartered Shearwater will acquire 10 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.

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

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.

“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.”

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.

“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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