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Shearwater GeoServices and Schlumberger Entered Into a Definitive Agreement for Shearwater to Acquire the Assets and Operations of WesternGeco’s Marine Seismic Acquisition Business, Schlumberger’s Geophysical Services Product Line
Schlumberger revealed its plan for WesternGeco to exit the marine and land seismic acquisition business and transform it into a light asset business in January 2018. The transaction is subject to regulatory approvals and other customary closing conditions, and the parties expect to close the transaction in the fourth quarter of 2018, Shearwater said on Wednesday.
Shearwater GeoServices will operate the combined business as a global, customer-focused, technology-driven marine geophysical services provider. Shearwater will own and operate a fleet of 14 fully equipped seismic vessels, offering a full range of acquisition services, including 3D, 4D, and ocean-bottom seismic (OBS).
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It’s worth noting that Shearwater was formed in 2016 between GC Rieber Shipping and Rasmussengruppen, acquiring four seismic vessels from GC Rieber Shipping: Polar Empress, Polar Duke, Polar Duchess, and Polar Marquis.
Shearwater will continue to develop and offer processing and imaging services as well as the Reveal software. The company will also have a portfolio of proprietary streamer technology and processing software, enabling effective execution of geophysical surveys and delivery of high-quality data.
“We will combine two strong complementary businesses and create a full-service geophysical company that leads the industry with a solid financial and strategic platform,” says Irene Waage Basili, CEO of Shearwater.
“Our strategy has been to build a stronger company during the downturn, and we are very pleased to see the commitment of our owners that facilitates this transaction.”
Upon completion of the transaction, Shearwater will have approximately 600 employees and operate in all major offshore basins around the world.
“Our clients will benefit from our expansion as a full-service provider that has critical mass, global reach, and long-term viability. We intend to grow and are committed to investing in technology and people to drive the efficiency of our services,” says Basili.
“We will have a strong balance sheet with the lowest loan-to-value ratio in the sector and a leading cost position, which, together with our technology and highly skilled people, provide significant competitive advantages.”
Maurice Nessim, President of WesternGeco, added: “With the divestment of our marine seismic acquisition business, WesternGeco will be strategically positioned as one of the largest providers of light asset geophysical services in the oil and gas industry. Through access to the industry’s global marine fleet, including Shearwater’s vessels, we will continue to provide our clients with exploration and discovery services that leverage our leading global multi-client library, advanced imaging, and seismic interpretation services, with the goal of helping to accelerate hydrocarbon discovery.”
Acquiring More Than Ten Seismic Vessels
Under the terms of the agreement, Shearwater will acquire 10 high-end seismic acquisition vessels, including seven 3D vessels and three multi-purpose vessels (MPVs) configured to meet the growing OBS market, 12 complete streamer systems with spares, as well as two source vessels. The proposed transaction also includes proprietary marine seismic technology from WesternGeco, as well as development and manufacturing facilities in Norway and Malaysia.
The Agreement
Schlumberger will receive cash compensation based on a company valuation of US $600 million, plus a 15% equity stake at the closing of Shearwater GeoServices Holding AS.
Additionally, Schlumberger, for a limited period, will be entitled to payments under an earn-out agreement linked to the future use of the vessels, in addition to specific limits. To ensure a more solid financial platform, an additional US $50 million in cash will be injected into Shearwater GeoServices Holding AS for working capital purposes, raising the total cash financing requirement for the proposed transaction to US $650 million.
The US $600 million in cash for Schlumberger and US $50 million for working capital will be financed by US $325 million in new cash equity and US $325 million in debt financing.
Rasmussengruppen fully subscribed the equity issuance, and GC Rieber Shipping ASA intends to subscribe approximately US $28 million (of the total US $325 million) prior to closing. The debt financing will be provided by DNB Bank ASA and Sparebank 1 SR-Bank ASA.
Under the terms of the agreement, Schlumberger will have the option to utilize two Shearwater vessels for potential multi-client work in the first two years following the closing of the transaction.
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