Oilfields surveyor CGGVeritas to acquire Fugro’s seismic division for €1.2 bn
24 Sep 2012
The world's largest surveyor of oilfields, CGGVeritas of France today said that it will acquire Fugro NV's seismic division for €1.2 billion ($1.6 billion) in cash.
The deal excludes Fugro's multi-client library and 'ocean bottom nodes' business.
The Netherlands-based Fugro provides geotechnical, survey and geoscience services to oil, gas, mining and construction industries. It has three divisions - geotechnical, survey and geoscience.
Fugro said that the divestment allows it to exit the capital intensive and volatile seismic segment of the oil and gas exploration market where it does not have a leading market
Position and focus on in its core, market-leading and less volatile geotechnical and survey businesses.
Fugro's geoscience unit includes exploration and geology, which provides geological data analysis, wellsite services, reservoir engineering, while its high-end reservoir characterisation has established brands such as Jason, Powerlog and E-Plus, that assists clients in characterising and developing reservoirs through the integration of geological and geophysical data and the application of advanced software technology.