Global GEO services raises NOK 400 million
06-09-2007 11:22
GGS-Spectrum, the International provider of advanced seismic data processing, multi-client surveys and offshore acquisition, announced today the results of share placing by its Norway parent Global Geo Services ASA (Oslo stock exchange ticker GGS).
During an Extraordinary General Meeting of shareholders held on the 18th June in Oslo, authorisation was given to issue 400 million shares @ NOK 1.00 for each share to raise a total of NOK 400 million (around USD $66 million).
200 million shares each were subscribed for by AS Ferncliff and Spencer Energy AS, both of Norway, and 200 million shares are available for subscription to existing shareholders. AS Ferncliff and Spencer Energy AS are guaranteed underwriters should existing shareholders chose not to subscribe.
As part of the Direct Share Issue, AS Ferncliff and Spencer Energy AS will each add a representative to the Global Geo Services Board of Directors. Oystein Stray Spetalen will join from AS Ferncliffe, and Gunnar Hvammen will join from Spencer Energy AS.
Global Geo Services amalgamated with Spectrum in December 2005 to form the GGS-Spectrum group. The 400 million-share issue will provide GGS-Spectrum with the financial strength to pursue its strategy of worldwide growth focussing on high quality data processing and strategic multi-client surveys.
Eddie Berglund, CEO of the GGS-Spectrum group comments:
“The authorisation from our shareholders demonstrates their long-term support for the company, and we look forward to growing the GGS-Spectrum group of companies utilising the financial and business strength that now exists in the new board of directors with the addition of the AS Ferncliffe and Spencer Energy AS representatives.
With significant global demand existing for our seismic processing and multi-client data, and this substantial investment we are now well positioned to expand the GGSSpectrum expertise around the world.”
Existing shareholders have until 15th July 2007 to vote by proxy to subscribe for additional shares.
