01 January 2018
FairfieldNodal acquisition of WGP Group Ltd
Payne Hicks Beach advised its existing client Fairfield Industries Incorporated, trading as FairfieldNodal, a global leader in seismic nodal technology, on its acquisition of the business and assets of WGP Group Ltd and its subsidiaries ("WGP Group") from Thalassa Holdings Ltd (a British Virgin Islands AIM listed company) for a maximum cash consideration of USD $30 million. The transaction exchanged in November 2017 and completed in January 2018.
The WGP Group was established in 1994 and provides a wide range of marine geophysical services and project management throughout the global upstream oil and gas industry. “We are excited about the expertise, talent, and track record of strong project execution we gain with the WGP acquisition,” said Charles (Chuck) Davison Jr, president and CEO of FairfieldNodal. “WGP’s proven technology and operational capabilities around active reservoirs make them a natural fit into the FairfieldNodal suite of services. We look forward to working with the WGP team, combining forces to provide customers with seamless reservoir services and increasing our collective value proposition.”
The Payne Hicks Beach team included Corporate Partner Jonathan Gatward, Corporate Solicitor Isobel Symonds, Employment Associate Chris Weaver and Property Solicitor Andrea Yiakoumetti. In relation to British Virgin Islands and Norwegian law matters, FairfieldNodal instructed Maples and Calder and Thommessen respectively. Locke Lord LLP acted for the sellers.