U.S.-based geophysical company FairfieldNodal has finalized its agreement to purchase the assets of WGP Group, a provider of marine geophysical services headquartered in the UK.
In the works since mid-2017, the sale of WGP Group by its parent company Thalassa Holdings to FairfieldNodal is effective from December 31, 2017.
Announcing the completion of the acquisition and explaining its reasons behind the decision, FairfieldNodal said on Thursday the company was looking to expand its technology portfolio and seeking to transform itself into a provider of integrated life of field seismic services, data and data analytics over the next three to five years through a combination of strategic partnerships and acquisitions.
According to the company, WGP provides a set of adjacencies to complement FairfieldNodal’s existing technology and services, specifically its proprietary ZLoF semi-permanent reservoir monitoring technology.
WGP Group’s subsidiaries include WGP Energy Services, WGP Exploration, WGP Professional Services, and WGP Survey.
WGP Energy Services’ PMSS TM and PCable equipment, combined with WGP Professional Services’ operational staff and WGP Exploration’s ground support staff assist oil companies in maximizing oil recovery through reservoir management practices as well as assisting in the discovery of new reserves. WGP Survey has previously operated the PCable equipment and is part owner of multi-client high-resolution 3D data.
Charles Davison Jr, President and CEO of FairfieldNodal, said: “WGP’s proven technology and operational capabilities around active reservoirs make them a natural fit into the FairfieldNodal suite of services.”
As a reminder, Thalassa entered into a definitive agreement to sell the assets of WGP to FairfieldNodal for a maximum cash consideration of $30 million in December 2017. The initial proceeds of $20 million were agreed and a further $10 million was to become payable by FairfieldNodal subject to certain customer contracts being entered into within five years of completion.
Offshore Energy Today Staff