Norwegian offshore support vessel (OSV) owner Eidesvik Offshore has sold all its shares in Shearwater GeoServices Holdings – one of the world’s largest seismic vessel owners – to CGG for US$30M in cash
The transaction is the result of Eidesvik exercising ‘put’ options it held in Shearwater GeoServices shares, resulting from the sale of Global Seismic Shipping (GSS), a 50-50 joint venture it had with CGG Marine Resources Norge. At the completion of the sale of GSS in January 2020, Eidesvik Offshore had up to 36 months to exercise its options.
The Oslo-listed OSV owner notified CGG it would to exercise the ‘put’ option for its shares in Shearwater GeoServices on 11 January. Closing of the transaction is expected by 1 February.
Through this transaction, France’s CGG will acquire 1,987,284 Class A shares and increase its shareholding in Shearwater Geoservices Holding to 6.64% of the total outstanding shares and 6.72 % of the shares having voting rights.
On 11 January, CGG accepted a binding offer from Norway’s Rasmussengruppen to acquire all Shearwater shares it held, including those to be owned as a result of Eidesvik exercising its put option. Through this transaction, CGG will sell 3,945,532 Class A shares of Shearwater Geoservices Holding at fair market value for the total cash consideration of US$27.62M. Besides majority owner Rasmussengruppen, other stakeholders in Shearwater are GC Rieber Shipping and Schlumberger.
Riviera Maritime Media will hold a series of 45-minute webinars during Offshore Webinar week commencing 19 January 2021. Sign up to attend here