Offshore service provider Fugro has entered into an agreement to take CGG’s 40% shareholding in Seabed Geosolutions.
The agreement will see Fugro takes full control of Seabed and terminate the joint venture agreement with CGG.
Under the deal, CGG has agreed to transfer its 40% shareholding in Seabed Geosolutions to Fugro before the end of the first quarter of 2020 and to conclude remaining matters regarding Seabed Geosolutions by paying $35m to Fugro, as part of its strategy to exit the data acquisition business.
Fugro will use the proceeds to lower Fugro’s outstanding debt position and strengthen Seabed Geosolutions’ balance sheet.
Fugro says it remains fully committed to divesting the Seabed Geosolutions business, which is a non-core asset held for sale, and it expects the deal with CGG will facilitate the divestment process.