CGG exits marine seismic acquisition business, kicks off marine streamer JV

PARIS - CGG announced that it has completed its exit from the marine seismic acquisition business, following the earlier wind-down of its land seismic acquisition activities.

CGG closed its strategic partnership transaction for marine seismic acquisition services with Shearwater GeoServices. 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 multi-client projects.

CGG said that 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.

Sophie Zurquiyah, CEO of CGG, said “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 multi-client projects and look forward to finalizing the creation of our marine streamer equipment JV under the Sercel brand.”