EuropeFinance and InsuranceOffshore

Green Energy Group’s seismic business sale stalls

Green Energy Group, formerly Seabird Exploration, has announced that a potential agreement to sell its seismic operations has been suspended, and it is unclear if an agreement will be implemented.

The Oslo-listed company in April received a letter of intent from an undisclosed party to acquire its seismic business, granting it exclusivity for a certain period to conduct due diligence, which has now expired.

“Due to events outside of both parties’ control, the negotiated deal has been put on hold. It is currently unclear to the company whether the deal will go through or not,” the company said on Thursday.

The deal would have been calculated on the basis of an enterprise value of $53m, on a cash and debt-free basis, and with an agreed level of working capital.

Green Energy Group has resumed negotiations with other potential buyers, but it noted that there is no guarantee that the ongoing process will result in a transaction. 

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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