Argeo to buy Shearwater vessel as new alliance formed

Norwegian surveyor Argeo and compatriot offshore seismic specialist Shearwater GeoServices have formed a strategic alliance aiming to “transform” the subsea and ocean bottom node (OBN) seismic service sectors.

As part of the deal, Argeo will acquire the seismic vessel SW Bell from Sheerwater for $6m in cash and about 20.1m shares in the company. The unit will be converted to an inspection, maintenance and repair (IMR) vessel for Argeo’s AUV (autonomous underwater vehicle) and subsea operations, as well as for supporting potential future Sheerwater OBN projects. 

The companies have signed a letter of intent for a long-term capacity agreement, which will enable Shearwater to hire vessel capacity from Argeo for OBN operations. 

“We expect the capacity agreement with Shearwater to provide increased utilisation and open for further expansion into new markets,” stated Trond Figenschou Crantz, CEO of Argeo.

The alliance partners said they will aim to drive innovation across all relevant sectors and markets, including the development of new robotic solutions for OBN seismic and also target the development of new integrated methods and service offerings for the growing carbon capture, marine minerals and offshore renewables markets by including Argeo’s AUV solutions.

Following the vessel acquisition, which is expected to be completed in October, Shearwater will nominate one board member to Argeo’s board of directors. 

Shearwater CEO Irene Waage Basili said the tie-up will push the boundaries of the rapidly growing OBN market. Argeo is a strong and respected partner with unique technology and competences which will help accelerate the development of new OBN deployment vehicles and methods. The alliance has significant strategic potential, and we look forward to exploring synergies in our respective markets together with the experienced Argeo team in the coming years,” she said.