Spectrum has completed the purchase of Fugro’s multi-client library for a cash consideration of $115 million (approximately EUR 100 million) on a cash- and debt-free basis.
Sales from the acquired library will be reported in Spectrum’s P&L from June 1, 2015. Sales from the acquired library for the period 1 January to 31 May 2015 will be reflected in the end Q2 balance but not booked as part of Spectrum’s P&L.
CEO of Spectrum, Rune Eng states: “The Fugro multi-client library combined with our existing library makes Spectrum the world biggest in 2D seismic offering and an important player in 3D seismic in certain highly prospective offshore basins. The acquisition of the Fugro library is of high strategic importance and forms the platform for further growth of the company.”
“The multi-client library business has been non-strategic since the divestment of the majority of Fugro’s geoscience activities in 2013, and this transaction is consistent with Fugro’s strategy to focus on its geotechnical and survey activities going forward,” said Fugro in a statement.