Cyprus: Seabird Exits OBN Market

SeaBird Exploration PLC  has entered into a share and purchase agreement (the “SPA”) with Fugro Norway AS on 18 November 2011, under which Fugro will acquire SeaBird Technologies AS and Seabed Navigation Company Limited which collectively hold all of the Company’s rights and assets related to the ocean bottom node (“OBN”) business for the agreed acquisition price of USD 125 million in cash.

The transaction, which signifies Seabird’s exit from ocean bottom node market is expected to be completed within two to four weeks.

In 2010, the OBN business constituted 55% of SeaBird’s consolidated revenues. The OBN business had a profit of USD 13.5 million in 2010. SeaBird’s consolidated result was a loss of USD 55.9 million in 2010.

SeaBird Technologies AS is a seismic operator within multi-component (4D) ocean bottom seismic. Seabed Navigation Company Limited is operating a Cyprus-flagged vessel providing proprietary seismic surveys.

[mappress]
Offshore Energy Today Staff , November 24, 2011; Image: Seabird