Carbon Transition completes sale of its seismic node-on-a-rope business
Norwegian survey services provider Magseis Fairfield has completed the purchase of Carbon Transition’s seismic node-on-a-rope business.
The compatriot companies informed that all closing conditions to the agreement have been satisfied and the transaction has been completed.
By purchasing Carbon Transition’s unit, Magseis is looking to reinforce the ocean bottom node (OBN) market and improve its competitive situation.
Carbon Transition said it had divested the node-on-a-rope business for a consideration of up to $12 million.
As disclosed, Magseis pays an initial $0.5 million and enters a profit-sharing model with the seller for surveys executed with this equipment over the coming three years.
The node handling systems acquired by Magseis are currently installed on two Havila vessels with an additional system onshore.
They have been previously used for Carbon Transition’s large survey for ONGC in India and other surveys in the Middle East and the North Sea.
The sale does not include the multiclient business and the company retains the full upside of the Utsira and the Gulf of Suez multiclient surveys.
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