Geospace Technologies Buys OptoSeis Technology from PGS

PGS has sold the fiber optic permanent reservoir monitoring solution, OptoSeis to Geospace Technologies.

Terms of the transaction include an initial cash payment at closing of $1.8 million and contingent cash payments of up to an additional $23.2 million over a five-and-a-half year earn-out period.

The contingent cash payments will be derived from revenues generated during the earn-out period from products and services utilizing the OptoSeis® fiber optic technology.

“After reorganizing during the fourth quarter 2017, we started exploring opportunities to divest our non-core OptoSeis technology early 2018. I am pleased that Geospace will continue to offer this unique solution to clients. PGS looks forward to support and complement Geospace’s offering with survey planning, imaging and acquisition services as and when required by their customers,” says President & CEO Rune Olav Pedersen.

Pareto Securities acted as financial adviser to PGS in this transaction.

Share this article

Follow Subsea World News

Events>

<< Jul 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

Submarine Networks World 2019

As the key annual gathering for decision makers in the subsea communications value chain, they offer a dedicated platform…

read more >

8th International Conference 2019 Offshore Wind Power Substations

The International Conference Offshore Wind Power Substations is a technical event for experts in the wind industry.

read more >

Wind Turbine Towers

Wind Turbine Towers is a technical event for experts in the wind industry and the goal is to push forward technical development for future tower concepts.

read more >

Seatrade Europe 2019

The three day event will  take place in the hub of the European cruise industry, Hamburg; Germany…

read more >