Fugro and CGG announce the closure of the previously announced Seabed Geosolutions joint venture on 15 February 2013. The joint venture is operational with immediate effect.

The closure completes the process of incorporation of the ocean bottom node businesses from Fugro and CGG, and the CGG transition zone, ocean bottom cable and permanent reservoir monitoring activities in a joint venture.

Fugro majority stake
In addition to the contribution of relevant activities from both parents, Fugro has contributed EURO 225 million in cash to CGG with respect to the Seabed Geosolutions joint venture in which Fugro takes a 60% stake.

The joint venture is expected to realize a sales volume of over 400 million euro in its first operational year.

Earlier agreement
Fugro and CGG came to an agreement on January 28 for CGG to acquire Fugro’s Geoscience Division. At the same time both companies agreed to create Seabed Geosolutions.

Additionally CGG got a selling license for Fugro’s existing 3D data, which remains owned by Fugro.

Remotely Operated Vehicle (ROV) deploys nodes on the bottom of the ocean for the collection of geological data.

About Fugro
Fugro was founded by two enterprising Dutch engineers in the early 1960s. Today the company collects and interprets data relating to the earth’s surface and sub-surface and for associated services and advice in support of infrastructure development on land, along the coast and on the seabed.
With projects around the world and approximately 13,500 employees, it is one of the world’s largest engineering firms.

About CGGCGG is a fully integrated Geoscience company providing leading geological, geophysical and reservoir capabilities to its broad base of customers primarily from the global oil and gas industry.

Through its three complementary business divisions of Equipment, Acquisition and Geology, Geophysics & Reservoir (GGR), CGG brings value across all aspects of natural resource exploration and exploitation. CGG has 10,000 employees working in 70 locations worldwide.

This news item was originally published on the websites of Fugro and CGG.

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