FairfieldNodal is party interested in WGP Group, confirms Thalassa
Thalassa Holdings Ltd. (DI)
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16:45 29/04/24
Thalassa Holdings revealed the identity of the interested party in WGP Group on Tuesday, confirming it as FairfieldNodal, which it described as a Texas-based “global leader” in seismic nodal technology.
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16:44 29/04/24
The AIM-traded firm had indicated the interest of a third party in the WGP Group business on 15 August.
Its board said the privately-held FairfieldNodal designs and manufactures a “complete range” of true cable-free ZLand and ZMarine systems, and offered marine acquisition and data processing services.
“Known for its extensive multi-client library of high-quality 3D seismic data in the Gulf of Mexico, the company is also expanding licensing coverage in the revitalized Permian Basin through a series of successful multi-client programs,” the Thalassa board said in its statement.
Fairfield Industries Incorporated, which does business as FairfieldNodal, operates as a subsidiary of Fairfield-Maxwell.
“FFN's leading nodal technology, along with WGP's leading source technology, would create an industry leading integrated acquisition provider in the seismic sector,” said chairman Duncan Soukup.
“We also look forward to working with FFN on the continued development of the ARL nodal system.”
Chuck Davison, president and CEO of FairfieldNodal, said his company is an “industry leader and pioneer” in marine seismic nodal technology.
“We continue to seek opportunities to strengthen and expand our technology portfolio and global footprint.
“WGP's capabilities would be a highly complementary addition to FairfieldNodal's acquisition capabilities, particularly to our proprietary ZLoF semi-permanent reservoir monitoring technology and service offering.”