Russia’s biggest shipping company Sovcomflot announces the acquisition of the region’s leading seismic organization Sevmorneftegeofizika (SMNG), in order to set up a seismic survey business of international specifications.
According to Kommersant, Sovcomflot will get 100 percent of the shares in SMNG on the presumption that it invests a minimum of $300 million in restoration of Sevmorneftegeofizika’s fleet.
Russia’s Prime Minister Vladimir Putin authorized the transaction and both the Ministry of Transport and the management of both companies support the decision.
By acquiring the SMNG, Sovcomflot plans to create a world class seismic survey company focusing on activities on the shelf.
Sevmorneftegeofizika is Russia’s top company within marine seismic surveys.
[mappress] Subsea World News Staff , February 17, 2012; Image: SMNG