Fugro moves closer to selling Seabed Geosolutions

Fugro has agreed to acquire CGG’s 40% shareholding in Seabed Geosolutions thereby terminating the two companies’ joint venture agreement.

The company uses ocean bottom node technologies to collect geophysical data on the seabed for oil and gas companies during field development and production phases.
The company uses ocean bottom node technologies to collect geophysical data on the seabed for oil and gas companies during field development and production phases.
(Courtesy Seabed Geosolutions)

Offshore staff

LEIDSCHENDAM, the Netherlands – Fugro has agreed to acquire CGG’s 40% shareholding in Seabed Geosolutions thereby terminating the two companies’ joint venture agreement.

Under the arrangement, CGG will pay Fugro $35 million, part of which will be used to strengthen Seabed Geosolutions’ balance sheet.

Seabed Geosolutions uses ocean bottom node technologies to collect geophysical data on the seabed for oil and gas companies during field development and production phases.

Fugro views the company as a non-core asset and will seek to sell the business.

12/30/2019

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