Norway's diversified Rasmussen Group appears to have hit the jackpot on its investment in seismic company Shearwater GeoServices.
At the end of 2018, Rasmussen’s 63.9% stake in Shearwater had a book value of nearly NOK 3.36bn ($380m). But, since then, the seismic market has strengthened and many of the company’s 10 ships have gone on fresh contracts.
In the prior year, Rasmussen did not specify Shearwater’s stand-alone value but reported that its entire shipping and offshore portfolio totalled NOK 343m.
