Onshore seismic: a CGG operative
CGG dips into the red
01 August 2014 06:18 GMT
01 August 2014 09:38 GMT
The two companies announced on Friday that they had signed a binding agreement whereby CGG will take a minority ownership stake in Geokinetics, though the value of the transaction was not disclosed.
CGG will hand over its land contract assets and activities to Geokinetics, while holding onto its multi-client and monitoring businesses that are excluded from the deal.
The agreement also establishes technology co-operation between the two companies, giving the combined entity access to CGG Land technologies in North America, Paris-based CGG said in a statement.
Geokinetics’ chief executive David Crowley said the company has “secured the necessary financing to support this transaction”, which is due to be finalised by the end of October.
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