Shearwater Adds Schlumberger’s Offshore Seismic Unit

Shearwater GeoServices has completed the acquisition of the marine seismic acquisition assets and operations of WesternGeco, the geophysical services product line of Schlumberger.

The transaction was completed following receipt of relevant regulatory approvals and satisfaction of customary closing conditions.

Shearwater now has three owners with RASMUSSENGRUPPEN holding 65%, GC Rieber Shipping 20% and Schlumberger 15%.

Shearwater owns and operates a fleet of 14 seismic vessels and has close to 600 employees.

“Shearwater has become a leading global marine seismic services provider with a strong financial platform able to deliver exceptional customer solutions,” says Einar Ytredal, the CEO of GC Rieber Shipping. “We are pleased to have been instrumental in developing yet another market leading company at the same time as we create value for our shareholders.”

The total cash funding requirement for the transaction was USD 650 million, which was funded by USD 325 million in new cash equity from existing owners and USD 325 million of debt financing.

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