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Press Releases English(uk)
Spectrum demerger signals seismic expansion
17/4/2008 |     | Rowlands predicts bright future for Spectrum following spin-off.
On 16 April 2008 the Board of Directors of Global Geo Services ASA resolved to spin off the majority of the group's seismic business to a newly established, wholly owned subsidiary, Spectrum ASA for MNOK 275.
The spin-off will create a new, independent, pure play seismic company with headquarters outside London, UK but with offices in China, Egypt, Libya, Pakistan, and the USA. Spectrum's activities comprise acquisition, processing and selling of seismic data with a global perspective. GGS will focus on building and developing its tender-rig business after the spin-off.
The seismic business has developed strongly under David Rowlands who will be as CEO of the new Spectrum ASA. “Our data processing business has shown remarkable growth recently and also the new on-board processing service is very promising. The market has shown significant interest in our multi client surveys, both in the Gulf of Mexico and Asia Pacific. Spectrum will be actively engaged in developing new surveys, particularly in the Asian region,” said Rowlands. He added, “We aim to obtain a listing on the Oslo Axess at the end of 2Q/2008 in order to fund our significant organic and corporate growth plans”.
David Rowlands, CEO
The new company, Spectrum ASA, will continue to provide seismic data processing, multi-client surveys and offshore seismic data acquisition services to the global oil and gas industry. The portfolio of services being offered to the industry includes 2D and 3D, land and marine seismic data processing in both depth and time along with specialised services such as AVO and Inversion. The company is recognised widely for its extensive multi-client library which includes surveys from the Gulf of Mexico, South America, NW Europe, the Mediterranean and many from Asia Pacific.
Notes to editor
This press release is available as a Word and pdf document with high resolution jpeg supporting photography for download at the following URL:
http://www.ballard.co.uk/ggs-spectrum
Press contact: Stephen Ballard, Ballard Communications Management
Tel: +44(0)1306 882288 Email: s.ballard(AT)ballard.co.uk |  |
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