Spectrum ASA has entered into an agreement for a US$115.0 million acquisition of Fugro's Multi-Client library.
After the transaction Spectrum will increase its 2D library by 115% in line km and increase its market position within 3D multi-client market.
The new combined Spectrum library will exceed 3.0 million km of 2D Multi-Client seismic data covering all major sedimentary basins worldwide. The company will have stronger positions in Brazil and Norway and have 2D data coverage in almost all oil and gas regions. The acquisition also gives Spectrum an attractive position within 3D Multi-Client data in Australia, Norway and the Netherlands.
CEO of Spectrum, Rune Eng states: "This is a strategic game changer for Spectrum. It significantly strengthens our position both within MC2D and MC3D in key offshore O&G basins with high hydrocarbon prospectivity, regular license rounds and political stability. The Fugro library complements Spectrum's library with minimal overlap and increased scale will yield material synergies."
Adapted from press release by Joseph Green