Shearwater GeoServices acquires streamers and renews fleet

Shearwater GeoServices acquires streamers and renews fleet

Shearwater GeoServices Holding AS (Shearwater) last week announced two transactions to take over marine seismic acquisition assets previously owned by Polarcus.

Polarcus’ lenders in February this year instructed the company to end operations and sail six of the company’s vessels to a safe port to prepare for a sale. The company also terminated contracts with all of its employees.

Now, Shearwater has acquired Polarcus’ streamers and related seismic equipment for a total cash consideration of USD 50 million. The company further purchased six seismic acquisition vessels for a total consideration of USD 127.5 million.

“These investments allow us to significantly extend the commercial life of our fleet and streamer pool and to accelerate our fleet renewal program to meet regulatory and public expectations facing our industry. By extending the runway of our asset base and maintaining our scale, we are proactively strengthening Shearwater’s position to invest in new technologies and the growing seabed market,” said Irene Waage Basili, the CEO of Shearwater.

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