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Shearwater GeoServices has acquired the marine seismic acquisition assets and operations of WesternGeco, the geophysical services product line of Schlumberger. Schlumberger will receive USD 600 million in cash consideration plus a 15% post-closing equity interest in Shearwater GeoServices. In addition, Schlumberger will also be entitled to additional payments under an earn-out agreement linked to future vessel usage over and above specific thresholds.
The transaction will be funded by USD 325 million in new cash equity from RASMUSSENGRUPPEN and GC Rieber Shipping intends to subscribe for approximately USD 28 million of this issue. In addition, there vill be USD 325 million in debt financing.
Shearwater will own and operate a fleet of 14 fully equipped seismic vessels. Assuming completion of the acquisition, RASMUSSENGRUPPEN will own approximately 65 % of the shares, GC Rieber Shipping 20 % and Schlumberger 15 %, respectively.
The Acquisition is subject to regulatory approvals and other customary closing conditions. The parties expect to close the transaction in the second half of 2018.
The press release from Shearwater is available here.