CGG completes acquisition of Fugro's geoscience divisionNews // January 29, 2013
CGG has announced that the main agreements needed to close the acquisition of Fugro's Geoscience Division have been signed.
The effective date of the closing will be January 31st, 2013, with the exception of the airborne activity and certain minor assets which will be contributed later, once all operating licenses and administrative authorizations have been received.
The group has simplified its brand name from CGGVeritas to CGG and is now organized around three Divisions: Equipment, Acquisition and Geology, Geophysics & Reservoirs (GGR).
With this acquisition, CGG has established a leading position in the high-tech integrated geology and geophysics and reservoir characterization market while strengthening and extending its existing businesses.
CGG has become a fully integrated geoscience group, with what it described as "less cyclical and low capital intensive businesses."
The agreement also includes strategic partnerships:
- The creation of a Joint-Venture, Seabed Geosolutions, a focused global leader in the rapidly growing Seabed acquisition market, which is 60 per cent-owned by Fugro and 40 per cent by CGG.
- A marketing and selling Multi-Client agreement for CGG to sell Fugro's existing 3D data, which remains owned by Fugro.
- A global strategic technical and commercial mutual preferred supplier agreement.