Spectrum Buys Carmot (Norway)

Spectrum has signed Share Purchase Agreements to acquire the Norwegian companies Carmot Seismic AS and Carmot Processing AS.

The acquisition establishes a significant footprint for Spectrum on the Norwegian Continental Shelf adding 3D seismic data cubes covering approximately 125,000 square kilometers of the Norwegian Continental Shelf and more than 80,000 kilometers of merged and matched 2D data in the Barents Sea.

“The vast amount of 3D data acquired by the industry on the NCS over the past 3 decades is one of the most valuable assets in the Petroleum National Data Set and has contributed greatly to the exploration success in mature areas offshore Norway over the past few years. Spectrum recognizes the high quality of the 3D cube compilations processed by Carmot Seismic and Processing and we are pleased to be able to offer these products and derivatives of it to the O&G companies through the Spectrum organization. The Carmot products will be a valuable tool/platform in Spectrum’s growth plan in Norway”, says Rune Eng, CEO, Spectrum.

Spectrum will following this acquisition offer 3D cubes covering approximately 60,000 sq. km in the North Sea, approximately 50,000 sq. km in Mid-Norway and approximately 17,000 sq. km in the Barents Sea. Velocity cubes covering these three areas are also available.

The Share Purchase Agreement is subject to due diligence and the acquisition is expected to close early March 2013. Total valuation of the Carmot companies is approximately USD 3,7 million.

[mappress]
Press Release, February 13, 2013