Spectrum finalizes Fugro’s multi-client library purchase
- Business & Finance
Spectrum has finalized the purchase of Fugro’s multi-client library for a cash consideration of $115 m on a cash- and debt-free basis.
The agreement for the acquisition was announced on June 1, 2015. With this purchase, the new combined Spectrum library exceeds 3.0 million km of 2D Multi-Client seismic data covering all major sedimentary basins worldwide.
The acquisition also gives Spectrum an attractive position within 3D Multi-Client data in Australia, Norway and the Netherlands, the company has said.
The company also said that sales from the acquired library will be reported in Spectrum’s P&L from June 1, 2015. Sales from the acquired library for the period January 1 to May 31, 2015 will be reflected in the end Q2 balance, but not booked as part of Spectrum’s P&L.
CEO of Spectrum, Rune Eng, states: “The Fugro multi-client library combined with our existing library makes Spectrum the world biggest in 2D seismic offering and an important player in 3D seismic in certain highly prospective offshore basins. The acquisition of the Fugro library is of high strategic importance and forms the platform for further growth of the company”.