Spectrum has completed the purchase of the Marine 2D Multi-Client library of CGGVeritas effectively doubling their Multi-Client portfolio. This conclusion follows endorsement by the Board Members and shareholders of both companies and the completion of a US$40 million transaction.
The combined size of Spectrum’s library now exceeds 1.1 million kilometres of 2D Multi-Client seismic making it the second largest of its kind in the seismic marketplace. The new data fully complements Spectrum’s existing library especially in key areas such as the Gulf of Mexico, South & Central America, the Mediterranean Sea and North-West Europe.
As part of the deal, which excludes select Joint Venture data such as the Kazakhstan library, CGGVeritas is now a major shareholder in Spectrum holding a 25% stake and has one member on Spectrum’s Board of Directors. CGGVeritas will now focus its Marine 2D multi-client activity mainly through its shareholding in Spectrum.
Following the announcement Spectrum’s CEO, Rune Eng, commented: “This transaction is an excellent strategic fit. For Spectrum it doubles the library overnight and broadens the footprint of our business with exciting new opportunities to offer to our clients. CGGVeritas gains a strategic partner in Spectrum who bring industry recognized expertise and commercial focus to the development of successful 2D libraries. Spectrum is proud to have CGGVeritas as a major shareholder and we believe this will create further value with the high-end technology and long-term relationships that CGGVeritas have in their business portfolio.”
Jean-Georges Malcor, CEO of CGGVeritas, added: “We are very pleased to establish a strategic relationship with Spectrum, who is recognized in the industry for their expertise and commercial development of successful 2D marine libraries. Together, through our combined capabilities we will be able to better meet the 2D marine seismic requirements of our clients”.
Spectrum provides innovative Multi-Client seismic surveys and high-quality seismic imaging services to the global oil and gas industry from offices in the UK, USA, Norway, China, Egypt, Australia, Indonesia and Singapore.
Spectrum’s Multi-Client strategy focuses on both the major, established hydrocarbon-producing regions of the world as well as key frontier areas identified by our experienced team of geoscientists. The Spectrum library of Multi-Client data has projects from many of the foremost oil producing regions of the world. These include new acquisition, reprocessing and interpretation reports.
All statements in this press release other than statements of historical fact are forward-looking statements and are subject to a number of risks, uncertainties and assumptions that are difficult to predict and are based on assumptions as to future events that may not prove accurate.