CGG quits seabed data acquisition JV, transfers holdings to partner

12/30/2019

PARIS - CGG announced 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 has agreed to 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.

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

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