Spectrum has finalized the purchase of Fugro's multi-client library for a cash consideration of US$115 million on a cash- and debt-free basis.
The transaction has increased Spectrum’s 2D library by 115% in line km and increase its market position within 3D multi-client market.
The new combined Spectrum library exceeds 3 MMkm of 2D multi-client seismic data covering all major sedimentary basins worldwide. The company will have stronger positions in Brazil and Norway and have 2D data coverage in almost all oil and gas regions. The acquisition also gives Spectrum an attractive position within 3D multi-client data in Australia, Norway and the Netherlands.
“It significantly strengthens our position both within MC2D and MC3D in key offshore oil and gas basins with high hydrocarbon prospectivity, regular license rounds and political stability,” said Rune Eng, Spectrum CEO. “The Fugro library complements Spectrum’s library with minimal overlap and increased scale will yield material synergies.”
Sales from the acquired library will be reported in Spectrum's profit and loss from 1 June 2015. Sales from the acquired library for the period 1 January-31 May 2015 will be reflected in the end 2Q balance but not booked as part of Spectrum's profit and loss.
Image: Spectrum
Subscribe
