SeaBird Acquires Seismic Vessel from CGG

Photo: William Murphy /Flickr (Attribution-ShareAlike 2.0 Generic (CC BY-SA 2.0))

SeaBird Exploration has started the acquisition process of the seismic vessel ‘Geowave Voyager’ and certain seismic equipment from Exploration Vessel Resources II, a wholly owned subsidiary of CGG for a cash consideration of USD 17 million.

The acquisition also includes 40 km of Sercel Sentinel solid streamer.

The Geowave Voyager was built in 2009 for an original construction cost of approximately USD 120 million, excluding in-sea recording and source equipment, and has capacity to tow up to 10 streamers.

The vessel has remained warm throughout the downturn and will be utilized as a source vessel for CGG during Q3 2018, SeaBird said.

The agreement with CGG to acquire the vessel and equipment is conditional on financing of the transaction, which shall be lifted by the company no later than July 16 2018, and satisfactory outcome of the technical inspection of the vessel, which is expected to take place between July 25, 2018 and July 30, 2018.

The agreement is binding for CGG when the condition precedent on financing has been lifted by the company.

As part of the agreement, SeaBird will receive a preferred supplier status with CGG when using the vessel. The company also commits to not towing more than 6 streamers if using the vessel for acquiring 3D seismic.

The transaction is expected to be effective by end July 2018, with transfer of ownership of the vessel and closing of the transaction expected to be completed in October 2018.

SeaBird will pay 10% of the cash consideration upon completion of the technical inspection and the remaining 90% will be paid on closing.

Hans Petter Klohs, chief executive officer in SeaBird, said: “After a series of strong contract wins, we have secured high utilization for most our existing fleet well into the fourth quarter. We have been pro-actively seeking to grow the fleet in tandem with an improving underlying market, and this transaction will provide us with a very suitable quality vessel we know well from previous engagements at a very attractive price further strengthening our position and service offering in the 2D, source and niche 3D markets.”

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