CGGVeritas, Spectrum agree to multi-client data share plan

CGGVeritas has agreed to provide much of its 2D multi-client marine library to Spectrum in return for cash and equity in Spectrum.

Offshore staff

PARIS – CGGVeritas has agreed to provide much of its 2D multi-client marine library to Spectrum in return for cash and equity in Spectrum.

Spectrum will get more than 500,000 sq km (193,051 sq mi) of data from CGGVeritas. CGG will get $40 million and a 25% equity in Spectrum. CGG also will provide seismic expertise, technology, and services including acquisition, process, and data management.

Closing is expected in mid-September, pending all necessary approvals.

07/29/2011

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