Fugro takes sole ownership of Seabed Geosolutions

In: Corporate
30/12/2019
Fugro has entered into an agreement to acquire CGG’s 40% shareholding in Seabed Geosolutions and to terminate the Seabed Geosolutions’ joint venture agreement effective December 30, 2019. Seabed Geosolutions collects geophysical data on the seabed through an array of ocean bottom nodes technologies for offshore energy companies.

The acquisition comes in exchange for a cash consideration of USD 35 million, paid by CGG before year-end 2019. Fugro stated that the proceeds will be used to lower its outstanding debt position and strengthen Seabed Geosolutions’ balance sheet.


Fugro also confirmed that it remains fully committed to divest the Seabed Geosolutions business which is a non-core asset held for sale. It expects that this transaction, which will see Fugro as sole owner, will facilitate the divestment process.


In line with CGGs 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 remaining matters regarding Seabed Geosolutions by paying USD 35 million to Fugro.
 

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