You are here

CGG acquires Fugro’s geoscience division

29th January 2013

CGGVeritas announces acquisition of Fugro’s geoscience division and the creation of a seabed acquisition partnership

CGG acquires Fugro’s geoscience division
CGG has become a fully integrated geoscience group, with less cyclical and low capital intensive businesses

French-based geoscience company CGG on Monday 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 31 January 2013, with the exception of the airborne activity and certain minor assets which will be contributed later, once all operating licenses and administrative authorisations 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 and reservoirs (GGR).

 

CGG has thus become a fully integrated geoscience group, with less cyclical and low capital intensive businesses.

 

The agreement also includes strategic partnerships:

 

*The creation of a joint venture, Seabed Geosolutions, a focused player 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.

 

For the Seabed Geosolutions joint venture, CGG contributed its shallow water, ocean bottom cable and permanent reservoir monitoring services along with its ocean bottom node business. Fugro contributed its ocean bottom bode business.

 

Jean-Georges Malcor, Chief Executive Officer of CGG said: “The acquisition of Fugro’s Geoscience division will be completed by January 31, 2013 and I would first like to warmly welcome our 2,500 new talented colleagues into the Group.