Norway’s Rasmussen Group is lining up an IPO for its majority-controlled seismic survey shipping company, Shearwater GeoServices.

The investment group has instructed Shearwater to prepare for a stock market debut, according to Finansavisen.

Director Dag Rasmussen said the earliest this will happen is in the first half of 2024.

The group’s valuation of its 77.2% Shearwater stake implies the shipping company is worth NOK 20bn ($1.8bn).