Geokinetics purchases CGG' s North America seismic land contract acquisition business
HOUSTON -- Geokinetics has signed a binding agreement with CGG for the purchase of CGG' s North American land seismic contract acquisition business.
Through this agreement, CGG will contribute its North America Land Contract activities (excluding its land multi-client and monitoring businesses) in exchange for a minority equity stake in Geokinetics.
"The benefits from this combination are quite compelling," said David J. Crowley, President and CEO of Geokinetics. "This transaction will elevate Geokinetics to the #1 position for crews marketed in the land seismic acquisition business in North America; as we assume the #1 position in Canada and the #2 positions in the Lower 48 as well as the Alaskan markets."
As part of the transaction, CGG will provide its technology in support of the seismic crews. Geokinetics will also benefit from a preferred relationship with the CGG North American Land Multi-Client Group.