Seabird Exploration is at the moment in an unique course of with CGG to amass the seismic vessel Geowave Voyager, totally rigged with supply and recording tools, together with 40 km of Sercel Sentinel Solid streamer, for a money consideration of USD 17 million. The Vessel was inbuilt 2009 for an authentic development price of approx. USD 120 million, excluding in-sea recording and supply tools, and has capability to tow as much as 10 streamers. The Vessel is effectively fitted to 2D, supply and area of interest 3D initiatives, and might be modified to be used as a node laying vessel within the ocean backside seismic market. It has remained heat all through the downturn and shall be utilized as a supply vessel for CGG throughout Q3 2018.
The settlement with CGG to amass the Vessel and tools is conditional on financing of the Transaction, which shall be lifted by the Company no later than 16 July 2018, and (ii) passable final result of the technical inspection of the Vessel, which is predicted to happen between 25 July 2018 and 30 July 2018. The settlement is binding for CGG when the situation precedent on financing has been lifted by the Company.
As a part of the settlement, the Company will obtain a most popular provider standing with CGG when utilizing the Vessel. The Company additionally commits to not towing greater than 6 streamers if utilizing the Vessel for buying 3D seismic. The Transaction is predicted to be efficient by finish July 2018, with switch of possession of the Vessel and shutting of the Transaction anticipated to be accomplished in October 2018. The Company can pay 10% of the money consideration upon completion of the technical inspection and the remaining 90% shall be paid on closing.
Hans Petter Klohs, Chief Executive Officer in SeaBird, mentioned: “After a collection of sturdy contract wins, now we have secured excessive utilization for many our present fleet effectively into the fourth quarter. We have been pro-actively searching for to develop the fleet in tandem with an bettering underlying market, and this transaction will present us with a really appropriate high quality vessel we all know effectively from earlier engagements at a really enticing value additional strengthening our place and repair providing within the 2D, supply and area of interest 3D markets.”
(Source: Seabird – Image Seabird Voyager in Cork, Ireland/Brice A)
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