Spectrum acquires CGGVeritas Multi-Client 2D marine library

Spectrum has acquired the 2D Multi-Client library of CGGVeritas encompassing more than 500,000 km of seismic data. This significant increase in Spectrum’s Multi-Client data library involves a US$ 40 million transaction.

This data purchase is the latest step in Spectrum’s growth strategy to become a leading global Multi-Client company. The combined size of Spectrum’s library now exceeds 1 million kilometers of 2D Multi-Client seismic and covers all major sedimentary basins worldwide. The newly acquired data complements Spectrum’s existing library especially in key areas such as the Gulf of Mexico, South America, the Eastern Mediterranean Sea and the North Sea. The combined 2D library, the second largest in the seismic marketplace, is ideally suited to develop new products and for planning of new Multi-Client seismic surveys, both 2D and 3D. Reprocessing of several projects in the library is already underway both by CGGVeritas and Spectrum.

With this transaction Spectrum is fast-tracked into new, key areas that would otherwise have taken years to establish. The quality of the merged library is generally of a high standard. Spectrum will systematically review and strategically reprocess surveys as required.

Following the announcement Spectrum’s CEO, Rune Eng, commented, “This transaction is an excellent strategic fit. For Spectrum it more than doubles the library overnight and broadens the footprint of our business with exciting new opportunities to offer to our clients.”

Read the article online at: https://www.oilfieldtechnology.com/exploration/05082011/spectrum_acquires_cggveritas_multi-client_2d_marine_library/