SAExploration's Strategic Move to Acquire inApril AS

Author: Riley Hayes Updated: 09-11-2024 05:24 PM

SAExploration Announces Agreement to Acquire inApril AS

SAExploration Holdings, Inc. ("SAE") and inApril AS ("inApril") have announced a significant business move regarding a Combination Agreement. This agreement is a stepping stone towards a Definitive Merger Agreement expected to be finalized soon.

Key Innovations and Future Opportunities

SAE is enthusiastic about collaborating with inApril, an esteemed leader in seabed seismic technologies. Forrest Burkholder, the CEO of SAE, expressed his excitement, stating that the partnership aims to bolster inApril's exceptional advancement in creating safe and efficient seismic solutions that cater to clients' demands.

Transforming Seismic Technology

According to Bob Basili, the CEO of inApril, the seismic technology landscape is evolving rapidly, particularly with ocean bottom node technology. This transformation represents a generational leap, providing enhanced seismic data quality essential for geosciences applications like carbon capture and the global energy transition. This merger promises to elevate inApril's technology, unlocking new avenues for automation and enhancing the economics involved in seabed seismic exploration.

Acquisition Details

The proposed acquisition by SAE is currently pending regulatory and shareholder approval. The company is targeting a completion date in the fourth quarter of the year, contingent upon satisfying these necessary requirements.

About SAExploration

SAExploration is a global oilfield services company specializing in a comprehensive set of vertically-integrated seismic data acquisition services. The firm excels in gathering 2D, 3D, time-lapse 4D, and multi-component seismic data from diverse environments, including land and offshore locations at depths of up to 3,000 meters. Additionally, SAE provides critical support services such as program planning, camp services, environmental assessments, and community relations, further strengthening its operational framework.

Global Operations and Clientele

With its main headquarters located in Houston, Texas, SAE has established a robust global presence, managing crews around the world and catering to major independent oil and gas firms, as well as national and international oil companies. This extensive reach ensures that SAE remains a pivotal entity within the global seismic data acquisition industry.

About inApril

inApril is renowned for its innovative seabed seismic equipment, primarily focusing on ocean bottom nodes (OBN) and automated handling systems. The advantages offered by inApril's technology are significant, contributing to safe and efficient seabed seismic surveys, which are crucial for discovering and developing natural hydrocarbon reserves.

Innovative Solutions and Future Prospects

The company operates from Norway, with offices extending across cities like Bergen, Trondheim, and Oslo. As inApril joins forces with SAE, it aims to enhance its technological capabilities, which will be vital for advancing its mission in the larger energy sector.

Frequently Asked Questions

What is the focus of the agreement between SAE and inApril?

The agreement aims to consolidate SAE's acquisition of inApril, enhancing seismic technology and expanding operational capabilities.

What type of technology does inApril specialize in?

inApril specializes in seabed seismic equipment, particularly ocean bottom nodes and automated handling systems for seismic surveys.

Why is the merger significant for both companies?

The merger is expected to enhance the innovation, efficiency, and reliability of seismic data acquisition, benefiting clients and the industry at large.

When is the expected completion date for the acquisition?

The acquisition is expected to close in the fourth quarter of the year, pending regulatory and shareholder approvals.

What services does SAExploration provide?

SAExploration offers a wide range of services, including seismic data acquisition, program design, logistical support, environmental assessments, and community engagement.

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