Spectrum snaps up Fugro's data library
Fugro has signed an agreement to divest its multi-client data library to Spectrum ASA for $115 million in cash consideration.
LEIDSCHENDAM, the Netherlands - Fugro has signed an agreement to divest its multi-client data library to Spectrum ASA for $115 million in cash consideration. The transaction is targeted to close June 30.
Fugro said that its multi-client library business has been non-strategic since the divestment of the majority of its geoscience activities in 2013, noting that this transaction is consistent with Fugro’s strategy to focus on its geotechnical and survey activities going forward.
The library's database contains about 1.6 million km of 2D and over 140,000 sq km of 3D seismic data, with a focus on Australia and Norway.
As part of its multi-client activities in Australia, Fugro has built up value by taking indirect interests in certain exploration projects, through a profit sharing agreement with Finder Exploration Pty. Fugro retains these interests, including its 10% indirect stake in the WA-435-P exploration permit in Australia, where oil was discovered at the Phoenix South-1 well in 2014. The expected recoverable value of these indirect interests is well in excess of the book value.