Fugro N.V. and CGG announce the closure of the previously announced Seabed Geosolutions joint venture on 15 February 2013.
The closure completes the process of incorporation of the ocean bottom node businesses from Fugro and CGG, and the CGG transition zone, ocean bottom cable and permanent reservoir monitoring activities in a joint venture. In addition to the contribution of relevant activities from both parents, Fugro has contributed EURO 225 million in cash to CGG with respect to the Seabed Geosolutions joint venture in which Fugro takes a 60% stake.
The joint venture will trade under the name Seabed Geosolutions and will be operational with immediate effect.
[mappress] Press Release, February 18, 2013