Geokinetics in CGG buy

Onshore seismic: a CGG operative

Houston-based onshore and shallow-water seismic player Geokinetics is to acquire the North American land seismic acquisition business of French counterpart CGG.

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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