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  • Fugro divest its multi-client data library to Spectrum
    édité le 02/06/2015 - Plus de news de "Fugro" - Voir la fiche entreprise de "Fugro"


Fugro divest its multi-client data library to Spectrum
Fugro has signed an agreement to divest its multi-client data library to Spectrum ASA, a Norwegian multi-client seismic data specialist supplying the global oil and gas industry with sub-surface imagery on a non-exclusive basis, for a cash consideration of US$ 115 million (approximately EUR 100 million)

The multi-client library business has been non-strategic since the divestment of the majority of Fugro’s geoscience activities in 2013, and this transaction is consistent with Fugro’s strategy to focus on its geotechnical and survey activities going forward.

The multi-client library consists of high quality seismic data in support of oil and gas exploration. The database contains about 1.6 million kilometres of 2D and over 140,000 square kilometres of 3D seismic data, with a focus on Australia and Norway.

Paul van Riel, CEO: “We are pleased with the agreement reached with Spectrum. This divestment is a logical consequence of our strategic decision, as communicated in February this year, to focus on our core activities, where we have market leading positions. The proceeds of the transaction will be applied to debt reduction.”

The transaction will result in a non-cash impairment of approximately EUR 40 million. As part of its multi-client activities in Australia, Fugro has built up value by taking indirect interests in certain exploration projects, through a profit sharing agreement with Finder Exploration Pty. Fugro retains these interests, including its10% indirect stake in the WA-435-P exploration permit in Australia, where oil was discovered at the Phoenix South-1 well in 2014. The expected recoverable value of these indirect interests is well in excess of the book value.

Closing of the transaction is targeted per 30 June 2015.

About FUGRO

Fugro creates value by acquiring and interpreting Earth and engineering data and by supporting its clients with the design, construction, installation, repair and maintenance of their infrastructure. Fugro works predominantly in energy and infrastructure markets offshore and onshore, employing approximately 12,500 employees in over sixty countries. In 2012 Fugro’s revenues amounted to € 2.2 billion, it is listed on NYSE Euronext Amsterdam and is included in the AEX-Index.

About Spectrum

Spectrum is an established pure-play Multi-Client services company. The company was initially founded in 1986 and was listed on the OSLO Axess exchange in 2008. In 2012 this listing was transferred to the Oslo Stock Exchange (OSE).

The Spectrum Group has built on the company’s reputation as a reliable seismic service provider and serves a global clientele. The Group provides innovative Multi-Client Services and high quality Seismic Imaging from regional offices in the UK, the USA, Norway, Singapore and Australia. The Spectrum Group also includes substantial regional processing centres in Cairo and Jakarta.

The group’s corporate vision is to deliver world leading Multi-Client Services and Seismic Imaging through persistence, dedication and commitment to quality.


Origine : Communiqué Fugro

Voir la fiche entreprise de "Fugro"



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