Geokinetics Acquires Grant Geophysical
Geokinetics Inc. has completed the purchase of Grant Geophysical, Inc. on September 8, 2006 for $125 million cash, subject to certain post-closing adjustments. The acquisition was financed by Avista Capital Holdings and Royal Bank of Canada; a portion of the financing was used to repay certain existing debt of Geokinetics and Grant. RBC Capital Markets advised Geokinetics on this transaction.
Geokinetics' President and Chief Executive Officer, David A. Johnson commented: "Grant Geophysical is known and respected for the quality of its service and its expertise in conducting seismic operations in North America, Latin America, Asia and the Middle East. By diversifying our business globally, we enhance our ability to provide stable growth and earnings, balance our exposure between oil and natural gas exploration, and diversify our client base. This represents our second significant acquisition during the last 12 months, and increases our nominal seismic crew count to 20 from only three a year ago. We are now one of the largest land, transition zone and shallow water seismic acquisition companies in the world; with assets balanced across geographic regions. This acquisition is in keeping with our goal of making strategic and accretive acquisitions to create shareholder value and is an important step towards providing our shareholders with a more liquid security. We are very pleased to have Dick Miles join us as President of our International Operations while Jim White will continue as President of our North American Operations. Scott McCurdy will join us as Chief Financial Officer."
Grant's President and Chief Executive Officer, Richard F. Miles commented: "Geokinetics is an excellent fit for our people, capabilities and equipment and will allow us to accelerate our international growth plans and address our clients' ever-increasing needs."
Grant Geophysical is a leading provider of seismic acquisition services to the oil and gas industry in land and transition zone environments worldwide. The primary focus of Grant has been on providing 2D and 3D seismic data acquisition services on land, primarily in Latin and South America and in transition zone and shallow water environments in Latin America, EAME and the Far East.
Geokinetics, Inc., based in Houston, Texas, is a North American focused provider of 3D seismic acquisition and high-end seismic data processing services to the oil and gas industry.
- Geokinetics Acquires Grant Geophysical (Sep 11)
- Grant Geophysical Wins 3D Seismic Project in Egypt (Aug 30)
- Grant Geophysical Lands 3D Seismic Project in Venezuela (Oct 11)
Company: Geokinetics Inc. more info
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