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CGG exits seabed data acquisition business

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Oilfield Technology,

CGG has completed its exit from the seabed data acquisition business and has terminated the Seabed Geosolutions’ joint venture (JV) agreement effective 31 December 2019.

In line with its strategy to exit the data acquisition business, CGG has agreed to transfer its 40% shareholding in Seabed Geosolutions to Fugro before the end of 1Q20 and to conclude before year-end 2019 the remaining matters related to Seabed Geosolutions’ financing and non-competition provisions by paying US$35 million to Fugro.

Including this payment, CGG anticipates in 2019 significant positive net cash flow above its expectations.

Read the article online at: https://www.oilfieldtechnology.com/exploration/03012020/cgg-exits-seabed-data-acquisition-business/

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