Dutch subsea and seismic specialist Fugro has sealed an agreement with PXGEO Seismic Services (PXGEO), a firm founded by Polarcus founder Peter Zickerman, to sell certain assets and the related business of subsidiary Seabed Geosolutions.
The unit was sold for around $16m, and the transaction is scheduled for completion mid-2021.
The sale includes Seabed’s ocean bottom node (OBN) inventory, handling equipment, related technology and order backlog. A significant number of personnel will also transition to PXGEO, however Fugro will retain the Hugin Explorer vessel which is involved in ongoing litigation.
Mark Heine, CEO of Fugro, commented: “I am pleased to announce this divestment, which is a key priority on our 2021 management agenda. It represents the final step in our exit from deep seismic data collection, which does not fit our path to profitable growth strategy. Our strategy is centered around providing insights from geo-data to support our clients in managing their project risks during design, construction and operation of their assets. The divestment proceeds are fair considering today’s challenging circumstances in the seismic market, and we believe that PXGEO is a better owner of these assets and well positioned to take this business forward.”
Polarcus is currently in provisional liquidation after lenders withdrew support for the company last month.