Polarcus Ltd. has signed a letter of intent with TGS-NOPEC Geophysical Co. ASA for the sale of its multiclient projects in Northwest Europe and West Africa (MC Projects) in return for a cash consideration of US $27.5 million and future revenue share on library late sales, according to a news release.
The agreement includes an upfront cash payment, a tiered revenue share from future sales of the divested MC Projects and cash payments for costs deferred under existing contractual agreements. The transaction will result in a non-cash impairment of the multiclient library of about $65 million, the release said.
Polarcus’ 22,130-sq-km Capreolus 3-D survey offshore Australia is not part of the transaction.
The transaction is subject to due diligence and final definitive documents with a target closing date on or before July 31, the release said.
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