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CGG completes its exit from Marine Acquisition

Thursday, January 23, 2020

CGG S.A. (CGG) announced that it has completed the exit from marine acquisition business.

Closing of marine partnership with Shearwater: CGG closed its strategic partnership transaction for marine seismic acquisition services with Shearwater GeoServices Holding AS (Shearwater). This transaction fundamentally covers, (i) the purchase by Shearwater of five high-end streamer vessels through the acquisition of Global Seismic Shipping AS, jointly owned by CGG Marine Resources Norge AS and Eidesvik Offshore ASA; (ii) the purchase of associated streamer equipment owned by CGG Group, and (iii) mutual commitments to secure CGG's access to strategic vessel capacity for future multi-client projects.

Streamer equipment JV with Shearwater: The creation of a joint venture under the Sercel brand for the research and development, manufacturing, commercialization and support of marine streamer seismic acquisition equipment is progressing well and is expected to be finalized during the first half of 2020.

CEO comments: 'In 2019, we executed key milestones of our 2021 strategy: the exit from marine and seabed acquisition businesses and the wind down of land acquisition operations. We are delighted to enter into this strategic partnership with Shearwater for our multi-client projects and look forward to finalizing the creation of our marine streamer equipment JV under the Sercel brand', said Sophie Zurquiyah, CEO of CGG.



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