CGGVeritas Signs Strategic Agreement with Spectrum

- CGGVeritas Signs Strategic Agreement with Spectrum

Friday, July 29, 2011
CGGVeritas

CGGVeritas has signed a strategic agreement with Spectrum, a Norwegian multi-client company, for the contribution by CGGVeritas of its 2D Multi-client marine library for a consideration in cash and a major equity position in Spectrum.

CGGVeritas has reached a strategic agreement with Spectrum whereby Spectrum will purchase over 500,000 km of CGGVeritas 2D marine Multi-client library, not including select Joint Venture data such as the Kazakhstan library, for a consideration of $40 million to be paid in cash and in shares. With a 25% equity stake in the company, and as part of the agreement CGGVeritas will gain a seat on the Spectrum Board and will provide seismic expertise, technology and services including acquisition, processing and data management to the company.

Jean-Georges Malcor, CEO of CGGVeritas said, "We are very pleased to establish a strategic relationship with Spectrum, who is recognized in the industry for their expertise and commercial development of successful 2D marine libraries. Together, through our combined capabilities we will be able to better meet the 2D marine seismic requirements of our clients."

Closing is expected in mid-September and is subject to all necessary approvals. The two companies will work together to smoothly and effectively address prior CGGVeritas governmental and national agreements and obligations.

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Spectrum Creates New CFO, COO Positions, Strengthens Management

- Spectrum Creates New CFO, COO Positions, Strengthens Management

Friday, June 24, 2011
Spectrum Geo Inc.

As part of the company's ongoing strategic growth plan Spectrum has announced considerable strengthening of the Executive Management Team with the appointment of a new Chief Financial Officer (CFO) and the creation of a Chief Operating Officer (COO) position.

Henning Olset has been appointed as the new CFO of Spectrum ASA with effect from May 1, 2011. Based in Oslo, Henning possesses more than 10 years of executive financial management experience. In his previous assignment Henning joined Staples in 2006 with the acquisition of Andvord Tybring-Gjedde ASA, where he was CFO. He was instrumental in the process of restructuring the company and in his period as head of finance, the Nordic business became one of the most profitable parts of the Staples organization.

Jan Schoolmeesters has been appointed COO of Spectrum. Jan possesses substantial experience in the seismic industry with both a technical, operational and commercial background. His latest position was with PGS as President of Asia Pacific. Jan will be based in Oslo and will start in his new position as soon as possible.

The current CFO, Rhys Edwards will from the same date take the position as Group Commercial Director. Rhys will be based in Woking, UK. In this new role Rhys will be responsible for ensuring a consistent and commercial strategy for the group, supporting the Divisional EVP's on commercial matters and undertaking additional strategic projects.

"We are pleased to welcome two well-regarded individuals to Spectrum's executive management team. They bring a wealth of relevant experience and a deep understanding of the inherent challenges to a rapidly growing organisation," said Rune Eng, Spectrum's Chief Executive Officer. "I would also like to use this opportunity to express both my and the Board of Directors' appreciation to Rhys for his service as our Chief Financial Officer over the last 3 years."

Besides these significant additions to the executive line-up, Spectrum has also expanded its UK Multi-Client team with the recruitment of two well-known names in the seismic industry. Jim Martin and Alan Tidey have both joined the company from senior positions at CGGVeritas. They take on the roles of Vice President of Business Development and Sales Manager respectively. Jim and Alan bring with them over 50 years of relevant industry experience.

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Spectrum Secures Seismic Acquisition Deal with Seabird

- Spectrum Secures Seismic Acquisition Deal with Seabird

Tuesday, June 21, 2011
Spectrum

Spectrum has secured a significant 2D seismic acquisition capacity with Seabird for expansion of their Multi-Client library, together with a re-let agreement for Spectrum's vessel, the GGS Atlantic.

As part of the continued growth of Spectrum's Multi-Client library, the company has now committed to the acquisition of 2D seismic data worth 23 million dollars (US) over the next 3 years. This commitment is part of a signed frame agreement with SeaBird Exploration to draw on their extensive worldwide seismic fleet. Acquisition costs to Spectrum will be fixed at competitive market rates.

This agreement will ensure an efficient and sustainable working partnership perpetuated by Spectrum and Seabird since Spectrum's Big Wave in the Eastern Gulf of Mexico that utilized Seabird's vessel the R/v Munin to acquire infill data for this flagship product.

Under the agreement the bareboat charter of Spectrum's own seismic acquisition vessel, the GGS Atlantic will be assigned to Seabird until August 2012 on the same terms currently enjoyed by Spectrum.

This important Agreement is appropriate for both companies in that it ensures Spectrum can concentrate on and maintain core company objectives, values and expertise in the Multi-Client field, while simultaneously giving Seabird a progressive financial incentive commensurate with their own central company competence.

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Spectrum Wraps Up Reprocessing at Adriatic Proj.

- Spectrum Wraps Up Reprocessing at Adriatic Proj.

Tuesday, June 21, 2011
Spectrum

Spectrum has completed the reprocessing of approximately 9,000 km of regional 2D seismic data from the Italian sector of the Adriatic Sea on a Multi-Client basis. The original surveys were acquired by the Italian government as part of a study to highlight the hydrocarbon potential of the Adriatic Sea.

The majority of production in the region is from Pliocene age gas fields, many of which have multi-TCF reserves. However, the deeper potential of the Adriatic has yet to be fully explored and this reprocessed data library, which shows many un-drilled structures, should lead to a greater understanding of the hydrocarbon potential within the Adriatic Sea.

The reprocessing was carried out in Spectrum's state-of-the-art processing center. The data is now available and it has already triggered significant industry interest through the direct hydrocarbon indicators highlighted.

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SeaBird, Spectrum Enter Frame Agreement

- SeaBird, Spectrum Enter Frame Agreement

Thursday, May 19, 2011
SeaBird Exploration plc

SeaBird announced the signing of a Frame Agreement with Spectrum for the acquisition of 2D seismic data to a minimum value of USD 23 million over a period of 36 months, and a Re-Let Agreement for the MV GGS Atlantic on a bareboat charter basis until August 2012. The effective date of these agreements is May 20, 2011.

Under the terms of the Frame Agreement, Spectrum will purchase vessel capacity from SBX under specific Call-off Orders for worldwide acquisition surveys. Spectrum is required to prioritize GGS Atlantic where geographic and technical parameters allow. Spectrum is also required to commit to 50% of the acquisition value of USD 23 million within the first 12 months of the Frame Agreement.

SBX, subject to vessel availability, commits to deliver 2D seismic acquisition services to SPU to a minimum value of USD 23 million at agreed rates over the period of 36 months. SBX has an option to extend by 6 months should vessel availability not allow completion, on same terms and conditions.

The Frame Agreement is non-exclusive beyond the above conditions and provides SBX with confirmed backlog across the 2D fleet.

Tim Isden, SeaBird's chief executive officer, commented, "We are very pleased to have signed these agreements with Spectrum for the mutual benefit of both companies. Spectrum is an aggressive MC company with good sales record and with a comprehensive library covering many geographic areas. SeaBird's fleet of 2D vessels are well positioned around the World to efficiently cover SPU's requirement for 2D services. For the GGS Atlantic, it makes sense for SBX to absorb this vessel into our current operational structure with only marginal risk, while SPU can concentrate on multi client projects and data processing. We see this as a good strategic move for both companies with a continuing involvement over the long term."

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