ASB acquisition gives Spectrum Australia's largest MC 2D seismic library
Spectrum entered into an agreement on the 16th March to purchase Australian Seismic Brokers Pty Limited "ASB", increasing Spectrum's modern 2D Multi-Client data library in the Far East by over 150,000km. In addition ASB has one of the region's largest and most extensive well log data libraries and a substantial analogue library which will allow Spectrum ASB to identify additional new Multi-Client opportunities in the region.Spectrum CEO David Rowlands highlighted the opportunities presented by this purchase, "Spectrum has worked in partnership with ASB in Australia and South East Asia for several years, and we value ASB's experience and excellent client contacts."
He continued, "The ASB acquisition together with Spectrum's existing Multi-Client library in India, Indonesia, Timor Leste and Australia will establish Spectrum as a leading Multi-Client seismic player in South East Asia and Oceania"
ASB was established in 1988 and is Australia's leading supplier of Multi-Client 2D seismic surveys to the oil and gas industry. The company is based in Perth, Western Australia and has a library comprising over 150,000 km of 2D Pre-Stack Time Migration (PSTM) reprocessed data from Australia and the Asia Pacific region. ASB has 6 employees in Perth and an associated data processing centre in Jakarta, Indonesia, with 12 geophysicists.
Following the acquisition, Spectrum's combined global 2D Multi-Client library will comprise over 400,000 km seismic data. Spectrum is planning to invest a further US$17-20 million in new Multi-Client surveys during 2010 and add about 70-80,000 km of 2D data to the library. Targeted reprocessing of the existing library both of Spectrum and the newly acquired data of ASB is a key element of Spectrum's Multi-Client strategy and will considerably enhance the value of the enlarged library.
Completion of the acquisition is expected on 1st April 2010.
