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Fugro sells off data business

Fugro has announced that it has agreed a US$115M (£75.5M) deal to sell its data library to Norway-based seismic data specialist Spectrum ASA.

According to Fugro, its multi-client library business collated seismic data gathered through oil and gas exploration but has been non-strategic since the divestment of its geoscience operations in 2013.

The company has said that the sale is in line with its strategic focus on geotechnical and survey activities.

“This divestment is a logical consequence of our strategic decision to focus on our core activities, where we have market leading positions,” said Fugro CEO Paul van Riel. “The proceeds of the transaction will be applied to debt reduction.”

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