Gardline acquires 100 per cent share of CGG JVCompany News // May 19, 2016
Following a successful five year joint venture, Gardline and CGG have taken the decision to transfer the ownership of the multi role survey vessel, Duke, to Gardline along with 100 per cent of the shareholding of the company, which has been renamed Gardline Pte Ltd from 1st May 2016.
Gardline Pte Ltd will continue to operate with the full support and cooperation of CGG for the continued success of the Duke’s operations in the APAC region. In return, Gardline will utilise the services of CGG in support of its 2D and 3DHR seismic operations, including maintenance and repair of the seismic equipment and post acquisition processing, utilising CGG’s advanced extensive processing capabilities in the region.
Current market forces and changing trends in the seismic industry made the decision a natural progression for both companies. Independently, they remain market leading in their core expertise and service delivery to the offshore exploration industries.