Fugro completes Seabed Geosolutions divestment

Fugro has completed the divestment of certain assets and the related business of its non-core subsidiary Seabed Geosolutions to PXGEO for $16 million in cash.

PXGEO acquired Seabed’s ocean bottom node inventory, handling equipment, related technology, intellectual property, and project backlog.

In addition, PXGEO informed that a significant number of personnel responsible for the delivery of OBN projects have accepted employment with the company.

The cash proceeds are in line with the book value of the divested business and will cover restructuring costs and other cash liabilities related to wind down of the remaining parts of Seabed Geosolutions’ organization.

To remind, three months ago Fugro reached a binding agreement with PXGEO to sell Seabed Geosolutions’ certain assets and the related business.

“This is a key milestone for PXGEO, enabling us to provide both towed streamer and OBN geophysical services to our global client base. The acquisition also brings an important portfolio of proprietary OBN technology to the company”, said Duncan Eley, CEO of PXGEO.

“PXGEO is currently engaged on two flagship projects: an OBN crew and assets deployed in South America; and the PXGEO 2, our 14-streamer seismic vessel, acquiring data on a 4D project in East Asia. Both projects have successfully mobilized and are well-positioned to deliver safe, efficient and high-quality outcomes for the respective clients”.