SeaBird Exploration PLC has entered into a share and purchase agreement (“SPA”) with Fugro Norway AS on 18 November 2011. Under the SPA, Fugro will acquire SeaBird Technologies AS and Seabed Navigation Company Limited which collectively hold all of the Company’s rights and assets related to the ocean bottom node (“OBN”) business for the agreed acquisition price of USD 125 million , payable in cash. The time for closing of the Transaction is not defined, but is expected within two to four weeks.
SeaBird Technologies AS is a seismic operator within multi-component (4D) ocean bottom seismic. The Board consists of Timothy Isden, Kjell Mathiassen, Thor Higraff and Eivind Berg. The CEO is Geir Olav Øverkil. The company had 19 employees as of year-end 2010. Seabed Navigation Company Limited is operating a Cyprus-flagged vessel providing proprietary seismic surveys. The Board of Directors consists of Timothy Isden, Kjell Mathiassen, Jan-Eivind Fondal and Helen Georgiades. All crew members of Seabed Navigation Company Limited are hired in from other companies, and the company therefore had no employees at year-end 2010.
The impact of the transaction for SeaBird is that it will realize significant sales proceeds. The Transaction means that SeaBird has exited the OBN market. SeaBird has, however, an excellent record in the 2D and smaller streamer configuration 3D market, and will seek to capitalize on this position going forward. In 2010, the OBN business constituted 55% of SeaBird’s consolidated revenues. The OBN business had a profit of USD 13.5 million in 2010. SeaBird’s consolidated result was a loss of USD 55.9 million in 2010. Key adjusted figures are taken from management accounts after adjustment for intercompany revenue and cost transfers where OBN contractual party has been a subsidiary other than Seabed Navigation Company Limited or SeaBird Technologies AS.
SeaBird Exploration PLC “SeaBird” is a global provider of marine solutions for seabed acquisition of 3D/4C/4D multimode seismic data with OBN operations, marine 2D and 3D seismic data, and associated products and services to the oil and gas industry. SeaBird specializes in high quality operations within the high end of the source vessel and 2D market, as well as in the shallow water 2D/3D market. Main focus for the company is proprietary seismic surveys (contract seismic). Main success criteria for the company are an unrelenting focus on Health, Safety, Security, Environment and Quality (HSSEQ), combined with efficient collection of high quality seismic data.
[mappress] Subsea World News Staff , November 24, 2011; Image: SeaBird