Shearwater completes takeover of Schlumberger seismic business

Shearwater completes takeover of Schlumberger seismic business

Shearwater GeoServices, the joint venture between GC Rieber Shipping and Rasmussengruppen, has completed the acquisition of the marine seismic acquisition assets and operations of WesternGeco, the geophysical services product line of Schlumberger.

The total cash funding requirement for the transaction was $650m, which was funded by $325m in new cash equity from the existing owners and $325m of debt financing.

Following the transaction, Shearwater’s ownership structure has changed to Rasmussengruppen 65%, GC Rieber Shipping 20% and Schlumberger 15%.

The transaction, first announced in August, grows Shearwater’s fleet to 14 fully equipped seismic vessels.

“Shearwater has become a leading global marine seismic services provider with a strong financial platform able to deliver exceptional customer solutions,” said Einar Ytredal, CEO of GC Rieber Shipping. “We are pleased to have been instrumental in developing yet another market leading company at the same time as we create value for our shareholders,” Ytredal added.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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