Spectrum completes purchase of CGGVeritas' 2D marine multi-client library

Spectrum has completed the purchase of CGGVeritas’ marine 2D multi-client library for $40 million.

Offshore staff

HOUSTON – Spectrum has completed the purchase of CGGVeritas’ marine 2D multi-client library for $40 million.

The combined size of Spectrum’s library now exceeds 1.1 million km (683,508 mi) of 2D multi-client seismic. The new data complements Spectrum’s existing library especially in key areas such as the Gulf of Mexico, South and Central America, the Mediterranean Sea and northwest Europe.

As part of the deal, which excludes select joint venture data such as the Kazakhstan library, CGGVeritas is now a major shareholder in Spectrum holding a 25% stake and has one member on Spectrum’s board of directors. CGGVeritas will now focus its marine 2D multi-client activity mainly through its shareholding in Spectrum.

09/15/2011

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