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Shearwater GeoServices Holding AS (Shearwater) today signed a binding term-sheet with CGG S.A. (CGG) for a strategic partnership for marine seismic acquisition services and creation of a new streamer technology company. Arntzen de Besche assists Shearwater in connection with the transaction.
The transaction covers the purchase of five high-end streamer vessels jointly owned by CGG Marine Resources Norge AS and Eidesvik Offshore ASA by Shearwater, with mutual commitments of securing CGG access to strategic vessel capacity for future multiclient projects while securing Shearwater a commitment of cashflow and activity for multiple years. Additionally, the term-sheet covers the creation of a technology partnership, under the Sercel brand name and CGG’s majority ownership, for the development, manufacturing, commercialisation and support of marine streamer seismic acquisition systems.
The press release from Shearwater is available here.