Fugro completes divestment of Seabed Geosolutions

Source: press release, 28 June 2021

Seabed Geosolutions collects geophysical data on the seabed through an array of imaging technologies for oil and gas companies focused on the development and production phases of their fields
Seabed Geosolutions collects geophysical data on the seabed through an array of imaging technologies for oil and gas companies focused on the development and production phases of their fields (photo: Fugro)

Fugro has completed the previously announced divestment of certain assets and the related business of its non-core subsidiary Seabed Geosolutions to PXGEO Seismic Services Limited (PXGEO), for USD 16 million (approximately EUR 14 million) in cash.

PXGEO has acquired Seabed’s ocean bottom node (OBN) inventory, handling equipment, related technology and order backlog.

The cash proceeds are in line with the book value of the divested business and will cover restructuring costs and other cash liabilities related to wind down of the remaining parts of Seabed Geosolutions’ organisation. As previously reported, the negative EBIT impact, related to the restructuring and associated costs, is estimated at around 10 million.