Schlumberger Finds Buyer For WesternGeco Assets In $600 Million Deal

Shearwater GeoServices Holding AS is set to more than triple its fleet with the purchase of Schlumberger Ltd.’s (NYSE: SLB) marine seismic acquisition business for $600 million cash, the companies said Aug. 22 in a joint statement.

The transaction includes the marine seismic acquisition assets and operations of WesternGeco, the geophysical services product line of Schlumberger, and is a fulfillment of Schlumberger’s previously stated goal announced earlier this year.

In January, Schlumberger said it intended to exit the land and marine seismic acquisition business due to the product line’s failure to meet future return expectations. At the time, Schlumberger CEO Paal Kibsgaard called the decision difficult but inevitable.