Spectrum ASA has entered into an agreement for the acquisition of Fugro’s Multi-Client library for a price of $115 million on a cash- and debt-free basis.
Spectrum says that the transaction is fully funded through a combination of bank debt and a fully guaranteed share issue.
Spectrum will, after the transaction, increase its 2D library by 115% in line km and increase its market position within 3D multi-client market.
The new combined Spectrum library will exceed 3.0 million km of 2D Multi-Client seismic data covering all major sedimentary basins worldwide. According to the press release, the company will have stronger positions in Brazil and Norway and have 2D data coverage in almost all oil and gas regions. The acquisition also gives Spectrum an attractive position within 3D Multi-Client data in Australia, Norway and the Netherlands. Thus, the Transaction significantly increases Spectrum’s global footprint and diversification both with regards to geography and product offering.
CEO of Spectrum, Rune Eng, states: “This is a strategic game changer for Spectrum. It significantly strengthens our position both within MC2D and MC3D in key offshore O&G basins with high hydrocarbon prospectivity, regular license rounds and political stability. The Fugro library complements Spectrum’s library with minimal overlap and increased scale will yield material synergies.”