Lars Horgen Hinze
Phone: +47 23 89 40 00
Mobile: +47 920 50 360
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Shearwater GeoServices Holding AS (“Shearwater”) today announced two transactions to take over marine seismic acquisition assets previously owned by Polarcus, from Tiger Moth AS, a company affiliated with Woodstreet Inc.
Shearwater has acquired streamers and related seismic equipment for a total cash consideration of USD 50 million. The company further purchased six seismic acquisition vessels for a total consideration of USD 127.5 million.
“These investments allow us to significantly extend the commercial life of our fleet and streamer pool and to accelerate our fleet renewal program to meet regulatory and public expectations facing our industry. By extending the runway of our asset base and maintaining our scale, we are proactively strengthening Shearwater’s position to invest in new technologies and the growing seabed market,” said Irene Waage Basili, the CEO of Shearwater.
Shearwater Geoservices was established in 2016 and is headquartered in Bergen. The company is owned by Rasmussengruppen, GC Rieber Shipping, Schlumberger and Eidesvik.
Arntzen de Besche Advokatfirma AS has acted as legal advisor to Shearwater in connection with the transactions. Carnegie has acted as financial advisor and Crux Advisers has acted as communications advisor to Shearwater.
The core team from Arntzen de Besche advising Shearwater in the transaction has consisted of Lars Horgen Hinze, Trond Kildal, Erlend L. Solberg, Svein Terje Tveit, Anne Kathrine Sande, Christian Willumsen Haug, Paul G. Hagelund and Torjus Midttun Otterbech.