CGG completes acquisition of Thales seismic equipment business News
// January 9, 2004
Compagnie Générale de Géophysique (CGG) has announced that on January 2nd its wholly owned subsidiary Sercel finalised the acquisition of the seismic equipment business of Thales Underwater Systems (TUS), as previously announced on December 11th, 2003.
Principally located in Australia, this business includes the development and manufacturing of surface marine seismic acquisition systems, particularly solid streamers, and seabed marine seismic acquisition systems.
The transaction is valued at € 25 million, of which € 22 million were paid in cash at the closing of the deal.
TUS's seismic equipment business will be consolidated within the CGG Group from January 1, 2004 and should represent an additional yearly revenue of the order of the transaction value and a level of profitability similar to that of Sercel's present marine equipment activity. A total of 95 employees are joining Sercel, including, in particular, a highly skilled Research & Development Division and a manufacturing unit with a proven industrial expertise.
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