Formation of Shearwater GeoServices completed

9th January 2017:

On 13 October 2016, GC Rieber Shipping announced an agreement with RASMUSSENGRUPPEN to establish the jointly owned marine geophysical company Shearwater GeoServices AS. Shearwater GeoServices is pleased to announce that the final conditions for completion have now been fulfilled and the transaction successfully completed.

Shearwater GeoServices is an integrated provider of marine geophysical services to oil and gas and multi-client companies worldwide. Shearwater's core strategy is to provide high quality marine geophysical services and utilize the company's position as the most cost-efficient company in the industry.

We provide a global service with a fleet of four modern, high capacity seismic vessels as well as advanced processing services in offices in the UK, US and India. In addition, Open Geophysical Inc is a wholly owned subsidiary of Shearwater GeoServices and provides OpenCPS seismic processing software to the oil and gas industry.

Since the announcement of establishing Shearwater, we have already secured new contracts within our different business lines of Marine Acquisition, Processing & Imaging and Software. Two of our four vessels were already in operation at the time of closing.

Shearwater’s headquarters are based in Bergen, Norway, with offices around the globe including the UK, USA, India and Singapore.