Dutch geophysical services provider Fugro has entered into an agreement to acquire CGG’s 40 percent shareholding in Seabed Geosolutions.
Fugro said on Monday that this would terminate the Seabed Geosolutions’ joint venture agreement effective December 30 in exchange for a cash consideration of $35 million, paid by CGG before year-end 2019.
According to the company, the proceeds will be used to lower Fugro’s outstanding debt position and strengthen Seabed Geosolutions’ balance sheet.
Fugro remains fully committed to divest the Seabed Geosolutions business, which is a non-core asset held for sale.
It is expected that this transaction, which will result in Fugro becoming the sole owner of Seabed Geosolutions, will facilitate the divestment process.
It is worth noting that CGG agreed to transfer its 40 percent shareholding in Seabed Geosolutions to Fugro before the end of the first quarter of 2020, which is in line with CGG’s strategy to exit the data acquisition business.
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