Spectrum Completes Carmot Acquisition

Spectrum ASA, a seismic specialist listed on the Oslo Stock Exchange, today announced it has completed the acquisition of Carmot Seismic AS and Carmot Processing AS.

The acquisition establishes a significant footprint for Spectrum on the Norwegian Continental Shelf adding 3D seismic data cubes covering approximately 125,000 square kilometers of the Norwegian Continental Shelf and more than 80,000 kilometers of merged and matched 2D data in the Barents Sea.

Total valuation of the Carmot companies is approximately USD 3,7 million.

In an announcement made in February, when the Share Purchase Agreements for the acquisition were signed, Spectrum CEO, Rune Eng said:  “The vast amount of 3D data acquired by the industry on the NCS over the past 3 decades is one of the most valuable assets in the Petroleum National Data Set and has contributed greatly to the exploration success in mature areas offshore Norway over the past few years. Spectrum recognizes the high quality of the 3D cube compilations processed by Carmot Seismic and Processing and we are pleased to be able to offer these products and derivatives of it to the O&G companies through the Spectrum organization. The Carmot products will be a valuable tool/platform in Spectrum’s growth plan in Norway”

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Offshore Energy Today Staff, March 5, 2013