PXGEO has entered a binding agreement to acquire “VYACHESLAV TIKHONOV” (V.T.) from its current owners subject to the sanction of the Grand Court of the Cayman Islands. The transaction is expected to complete in Q2 2021.
V.T. is currently on a long-term bareboat charter to the seismic division of PAO Sovcomflot with a firm period to 15 November 2022 and options to extend the charterparty for a period of up to three further years. The firm charter period provides PXGEO with over $11 million in backlog.
The purchase of V.T. will be funded entirely through the issue of new shares in PXGEO Limited leaving V.T. unencumbered and with no debt service obligation for PXGEO associated with the vessel acquisition.
PXGEO is an innovative marine geophysical service provider combining the strengths of ocean bottom and towed streamer seismic data acquisition techniques to deliver seamless subsurface imaging for a sustainable future.