CGG Exits from Seabed Data Acquisition Business

Geoscience company CGG has announved that it is completing its exit from the seabed data acquisition business and has terminated the Seabed Geosolutions’ joint venture agreement effective December 31, 2019.

In line with its strategy to exit the data acquisition business, CGG will transfer its 40% shareholding in Seabed Geosolutions to Fugro before the end of the first quarter of 2020 and to conclude before year-end 2019 the remaining matters related to Seabed Geosolutions’ financing and non-competition provisions by paying $35 million to Fugro. .

Seabed Geosolutions collects geophysical data on the seabed through an array of ocean bottom nodes technologies for oil and gas companies, focused on the development and production phases of their fields.