SeaBird Exploration acquires seismic vessel

SeaBird Exploration is in the process of acquring a seismic vessel and certain seismic equipment from Exploration Vessel Resources, a subsidiary of CGG, for USD$17 million.

Geowave Voyager was built in 2009 for an original construction cost of US$120 million, excluding in-sea recording and source equipment, and has capacity to tow up to 10 streamers.

The agreement with CGG to acquire the vessel and equipment is conditional on the financing of the transaction and a satisfactory outcome of the technical inspection of the vessel, which is expected to take place between July 25 and July 30.

As part of the agreement, SeaBird will receive a preferred supplier status with CGG when using the vessel.

The transaction is expected to be effective by the end of July, with transfer of ownership of the vessel  expected to be completed in October.

SeaBird will pay 10 per cent of the cash consideration upon completion of the technical inspection and the remaining 90 per cent will be paid on closing.

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