PXGEO Buys Fugro's OBN Subsidiary Seabed Geosolutions

OE Staff
Tuesday, June 29, 2021

Offshore seismic surveyor PXGEO has completed the acquisition of Fugro's subsidiary Seabed Geosolutions, a company specializing in Ocean Bottom Node surveys.

"The acquisition includes a substantial ocean bottom node inventory,  handling equipment, related technology, intellectual property and project backlog. In addition, a significant number of personnel responsible for the successful delivery of over 44,000 sq. km. of OBN  projects have accepted employment with PXGEO," PXGEO said. It did not say how many people exactly had joined the company.

Duncan Eley, CEO of PXGEO said: "This is a key milestone for PXGEO,  enabling us to provide both towed streamer and OBN geophysical services to our global client base. The acquisition also brings an important portfolio of proprietary OBN technology to the company. 

"PXGEO is currently engaged on two flagship projects: an OBN crew and assets deployed in South America; and the PXGEO 2, our 14-streamer seismic vessel, acquiring data on a 4D project in East Asia. Both projects have successfully mobilized and are well-positioned to deliver safe, efficient and high-quality outcomes for the respective clients," Eley said.

Fugro first announced the agreement to sell Seabed Geosolutions to PXGEO back in March.

The company at the time said the agreed price was $16 million.

Categories: Industry News Activity Energy Mergers & Acquisitions Offshore Energy OBN Geoscience Seismic

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