Electromagnetic Geoservices ASA (EMGS) has entered into an agreement to acquire OHM Surveys Holding AS (OHM), a marine electromagnetic (EM) acquisition company, from certain funds controlled by Sector Asset Management and Seatrans Group (Euro Trans Skips AS) for USD 15.75 million in a stock-for-stock transaction.
As a part of the transaction, EMGS has entered into an agreement with Seatrans Group to charter the two vessels OHM Leader and OHM Express on a pay-per-use basis. The vessels will, at no standby cost, be ready to mobilise on 3-, 6- or 12-month charters over the course of the next 42 months (OHM Leader) and 30 months (OHM Express). EMGS will equip these two purpose-converted EM vessels with its custom-designed acquisition set, giving the vessels the ability to acquire the same high-quality 3D EM data as is obtained using EMGS’s purpose-built 3D EM vessels.
The two vessels will be available at short notice from Bergen and Singapore, thereby providing EMGS with capacity to quickly respond to market demand in Europe, Africa and the Asia Pacific region at substantially reduced steaming and mobilisation costs.
“This transaction enables us to respond to increased demand in a cost-efficient manner and without adding financial risk. In addition, it provides us with a strengthened intellectual property position and access to skilled EM personnel,” said Roar Bekker, EMGS chief executive officer . “Our customers will benefit from this acquisition through the considerable organisational, operational and technological synergies we see between the two companies. We are delighted to join forces and look forward to further developing the EM market and our unique technology.”
[mappress] Source: EMGS, August 31, 2011;