CGG SA has completed its exit from marine acquisition business, the company said on Jan. 8.
CGG closed its strategic partnership transaction for marine seismic acquisition services with Shearwater GeoServices Holding AS. This transaction fundamentally covers, the purchase by Shearwater of five high-end streamer vessels through the acquisition of Global Seismic Shipping AS, jointly owned by CGG Marine Resources Norge AS and Eidesvik Offshore ASA; the purchase of associated streamer equipment owned by CGG Group; and mutual commitments to secure CGG’s access to strategic vessel capacity for future multiclient projects.
The creation of a joint venture under the Sercel brand for the research and development, manufacturing, commercialization and support of marine streamer seismic acquisition equipment is progressing well and is expected to be finalized during the first half of 2020.
“In 2019, we executed key milestones of our 2021 strategy: the exit from marine and seabed acquisition businesses and the wind down of land acquisition operations. We are delighted to enter into this strategic partnership with Shearwater for our multiclient projects and look forward to finalizing the creation of our marine streamer equipment JV under the Sercel brand,” said Sophie Zurquiyah, CEO of CGG.
RELATED:
Recommended Reading
Deepwater Roundup 2024: Offshore Africa
2024-04-02 - Offshore Africa, new projects are progressing, with a number of high-reserve offshore developments being planned in countries not typically known for deepwater activity, such as Phase 2 of the Baleine project on the Ivory Coast.
The OGInterview: How do Woodside's Growth Projects Fit into its Portfolio?
2024-04-01 - Woodside Energy CEO Meg O'Neill discusses the company's current growth projects across the globe and the impact they will have on the company's future with Hart Energy's Pietro Pitts.
Rystad: More Deepwater Wells to be Drilled in 2024
2024-02-29 - Upstream majors dive into deeper and frontier waters while exploration budgets for 2024 remain flat.
Iraq to Seek Bids for Oil, Gas Contracts April 27
2024-04-18 - Iraq will auction 30 new oil and gas projects in two licensing rounds distributed across the country.
Aker BP’s Hanz Subsea Tieback Goes Onstream
2024-04-22 - AKER BP’s project marks the first time subsea production systems have been reused on the Norwegian Continental Shelf.