January 2, 2019
Willkie advised Magseis on the transaction.
Magseis ASA, a leading provider of ocean bottom seismic systems and services based in Norway, announced it completed the acquisition of the Seismic Technologies business from Fairfield Geotechnologies, based in Houston, which includes data acquisition, nodal and system sale and rental activities, and all shares in Fairfield's wholly owned UK subsidiary WGP Group. The new combined company is known as Magseis Fairfield. Fairfield Geotechnologies will remain privately held by the Sugahara family through Fairfield-Maxwell and focus its efforts on data licensing and data processing, as well as imaging, data analytics and data interpretation.
This transaction combines two complementary businesses to create a leading provider of marine seismic solutions, including Ocean Bottom Seismic (OBS), and positions Magseis Fairfield for accelerated growth in the expanding marine seismic industry. The $233 million transaction was comprised of a combination of cash and Magseis shares. In addition, Fairfield-Maxwell will receive five year warrants and certain rights under an earn-out payment mechanism related to a project in the Middle East.
Magseis Fairfield, a leading provider of ocean bottom seismic systems and services, offers unmatched global presence through complementary geographical footprints, a client base comprising the world’s largest E&P companies and efficient technologies for all OBS segments and offerings.
Willkie advised Magseis in conjunction with Norwegian law firm Wiersholm.
The Willkie team was led by partner Jon Lyman and included partner Mark Holdsworth, counsel Jonathan Konoff and associates Jason Nasra and Albert Jou.
