Norwegian seismic specialist Magseis has entered into an agreement with Fairfield Geotechnologies to acquire the Seismic Technologies business from Fairfield for $233m.
Fairfield Seismic Technologies is a leading provider of marine ocean bottom nodal seismic systems, and the acquisition includes Fairfield’s data acquisition, nodal and system sale & rental activities including all shares in Fairfield’s wholly owned UK subsidiary WGP Group.
Jan Pihl Grimnes, chairman of Magseis, commented: “This transformational transaction enables Magseis to take pole position in the development of the marine seismic industry with critical mass, leading technology, modern crews and financial capabilities to capitalize on exciting growth opportunities.”
Magseis is settling the $233m consideration by paying $165m cash and issuing 33.5 million shares. The combined company is expected to generate revenues of around $500m in 2019.
