Fugro signs LOI to acquire Kelman Technologies’ Seismic Processing Business.
Fugro has signed a letter of intent to acquire Kelman Technologies’ seismic data processing business.
Kelman is a privately held company headquartered in Calgary with operations in Canada, USA and Mexico.
Kelman’s expertise in land data processing complements Fugro’s existing seismic data processing capability. This acquisition expands Fugro’s seismic processing footprint across the USA and provides an entry into the Canadian seismic market.
The combination of Kelman’s and Fugro’s seismic imaging and inversion technologies will also provide a tool for developing unconventional oil and gas plays across the globe.
The annual revenue of Kelman’s processing business amounts to approximately USD 12 million.
The transaction is expected to close within May 2011.