SeaBird Wraps Up Geowave Voyager Buy

SeaBird Exploration’s acquisition of the seismic vessel ‘Geowave Voyager’ from Exploration Vessel Resources II, a wholly owned subsidiary of CGG, has become effective and unconditional.

The agreement became unconditional following the technical inspection of the vessel, the company informed.

SeaBird acquired Geowave Voyager and certain seismic equipment for a cash consideration of USD 17 million and the NOK 120 million private placement to partly fund the acquisition of the vessel.

The Geowave Voyager was built in 2009 for an original construction cost of approximately USD 120 million, excluding in-sea recording and source equipment, and has capacity to tow up to 10 streamers.

“Strategically, the transaction will provide SeaBird with a suitable quality vessel further strengthening its position and service offering in the 2D, source and niche 3D markets,” SeaBird said.

The transaction is not subject to any particular concession or other conditions for completion. Transfer of ownership is expected to be completed on or around October 2018.

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