Fugro has entered into an settlement to accumulate CGG’s 40% shareholding in Seabed Geosolutions and to terminate the Seabed Geosolutions’ three way partnership settlement efficient December 30, 2019 in alternate for a money consideration of USD 35 million, paid by CGG earlier than year-end 2019. The proceeds might be used to decrease Fugro’s excellent debt place and strengthen Seabed Geosolutions’ stability sheet.
Based in Trondheim, Norway, Seabed Geosolutions presents marine seismic surveying companies, together with modeling, survey planning and acquisition, processing, and evaluation of seismic knowledge. The firm serves the oil trade in Norway and overseas.
Fugro stays totally dedicated to divest the Seabed Geosolutions enterprise which is a non-core asset held on the market. It is predicted that this transaction, which can lead to Fugro turning into the only proprietor of Seabed Geosolutions, will facilitate the divestment course of.
In line with CGGs technique to exit the information acquisition enterprise, CGG has agreed to switch its 40% shareholding in Seabed Geosolutions to Fugro earlier than the top of the primary quarter of 2020 and to conclude earlier than year-end 2019 remaining issues concerning Seabed Geosolutions by paying USD 35 million to Fugro.
Seabed Geosolutions collects geophysical knowledge on the seabed by an array of ocean backside nodes applied sciences for oil and fuel firms, centered on the event and manufacturing phases of their fields.
(Source: Fugro – Image: Alan Burchell)

The publish FUGRO TO DIVEST SEABED GEOSOLUTIONS BUSINESS appeared first on Energy Global News.

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