Shearwater GeoServices, the joint venture formed by GC Rieber Shipping and Rasmussengruppen, has entered into an agreement to acquire the marine seismic acquisition assets and operations of WesternGeco, the geophysical services product line of Schlumberger.
The acquisition will add 10 vessels to the Shearwater fleet, giving it 14 seismic vessels offering a full range of acquisition services including 3D, 4D and ocean bottom seismic. The combined company will have approximately 600 employees and will operate in all major offshore basins across the world.
Schlumberger will receive cash based on an enterprise value of $600m plus a 15% post-closing equity interest in Shearwater GeoServices. In addition, Schlumberger will also be entitled to payments under an earn-out agreement linked to future vessel usage over and above specific thresholds. Under the terms of the agreement, Schlumberger will have an option to utilise two vessels from Shearwater on potential multiclient work for the first two years after closing the transaction.
“This combination will make Shearwater a leading global and technology-driven full-service provider of marine geophysical services with a strong financial platform able to deliver exceptional customer solutions. We are very pleased with this transaction, which is in line with the strategic ambition we had when creating Shearwater in 2016 together with Rasmussengruppen. We are satisfied with yet again being instrumental in developing market leading companies, while capitalizing on our investment,” said Christian Berg, the CEO of GC Rieber Shipping.
Upon completion of the deal, GC Rieber Shipping’s ownership in the combined company will be approximately 20%. Rasmussengruppen and Schlumberger will hold approximately 65% and 15% respectively.
The transaction is expected to be completed in the fourth quarter of 2018.
