Wavefield Raises Funds to Expand Fleet, Library
The main purpose of the private placement is to fund investments in two additional high-end 3D vessels and one additional 2D vessel which will expand Wavefield Inseis' fleet to four 3D vessels and two 2D vessels, all of which are planned to be in operation before Q2 2008. The fleet expansion will enable Wavefield Inseis to be a global provider of marine geophysical services. Also, Wavefield Inseis will use some of the proceeds to make further investments in multi-client (MC) surveys to expand the company's existing library of MC data as well as make selected investments in new and innovative geophysical technologies.
The company is pleased with the positive interest shown by both leading domestic and international investors. "We have chosen a fast entry into the high-end of the marine seismic acquisition market, and made a commitment to develop new technologies." commented CEO Atle Jacobsen. "The funds raised in the private placement will enable us to deliver on our strategy of becoming a innovative geophysical company with a global platform."
The offering was completed at a share price of NOK 23,250 per share, implying a market capitalization of Wavefield Inseis of approximately NOK 2.7 billion post-offering. A private placement of up to NOK 15m directed towards employees at the same share price will be completed in the near future. Following the offering, funds managed by Sector Asset Management own 39.9% of Wavefield Inseis and management and key personnel own approximately 25.5%. Wavefield Inseis' board of directors will call for an extraordinary general meeting in the near future to resolve a split of the company's shares. The company's shares will shortly be registered and tradable in the Norwegian OTC market, and the company is targeting a regular listing of its shares on the Oslo Stock Exchange during Q1 2007.
SEB Enskilda ASA acted as sole lead manager of the offering.
Wavefield Inseis is a Norwegian company providing a range of proprietary and non-exclusive multi-client marine geophysical services using highly specified vessels and the latest seismic equipment. From its main offices in Oslo and Bergen, Norway, Wavefield Inseis has a global reach, with activities in the Americas, Europe, Africa, the Middle East and Asia.
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