CGG has completed its exit from the seabed data acquisition business and terminated the Seabed Geosolutions’ joint venture agreement.
The Paris-headquartered geophysical services company said that in line with its strategy to exit the data acquisition business, which was effective from December 31, 2019, the company had agreed to transfer its 40% shareholding in Seabed Geosolutions to Fugro before the end of the first quarter of 2020.
Payment to Fugro
In addition, it was agreed to conclude remaining matters related to Seabed Geosolutions’ financing and non-competition provisions by paying $35 million to Fugro.
CGG said that notwithstanding this payment, it anticipated significant positive net cash flow above expectations for 2019.