Green Light for Magseis – Fairfield Deal

Norwegian seabed seismic services player Magseis has gained competition clearance from the Federal Trade Commission and the Antitrust Division of the United States Department of Justice to acquire the Seismic Technologies business from Fairfield.

The acquisition comprises data acquisition, nodal and system sale & rental activities including all shares in Fairfield’s wholly owned UK subsidiary WGP Group.

The consideration in the transaction comprises a combination of cash, Magseis shares, warrants and an earn-out payment, with the agreed purchase price based on an enterprise value of approximately USD 233 million.

The transaction now remains conditional upon Magseis being able to raise the required funds, and the Extraordinary General Meeting of Magseis passing the resolutions on 12 December 2018 or shortly thereafter.

Completion of the transaction is expected to occur on or about 19 December 2018.

As reported earlier, the transaction does not include the data licensing or data processing business of Fairfield.

The combined organization will comprise approximately 430 full-time employees and be structured in three business areas: Eastern Hemisphere Operations (Headquarters in Oslo, Norway); Western Hemisphere Operations (Headquarters in Houston, USA); and Technology.

Share this article

Follow Subsea World News

Events>

<< Aug 2019 >>
MTWTFSS
29 30 31 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

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 >