Oil Patch Bits: CGGVeritas to acquire Fugro’s Geosciences Division

CGGVeritas said Sept. 20 that it has entered into an agreement with Fugro to acquire Fugro’s Geosciences Division, excluding the existing Multi-Client library and nodes businesses.

With this transformative agreement, CGGVeritas will become a fully integrated Geoscience company establishing a leading position in the fast growing high-end integrated geology and geophysics and reservoir market. The transaction will also strengthen and extend its existing equipment and acquisition businesses, in particular with the addition of four high-end 3-D vessels.

The transaction has been approved by both the CGGVeritas and Fugro boards of directors.

The completion of the transaction is subject to mandatory anti-trust clearances, work councils consultation processes and other customary conditions. Closing is targeted before year-end.

“I am very enthusiastic about the transaction. It perfectly fits our strategy, significantly increasing our integrated geology and geophysics, reservoir characterization and development capabilities, along with strengthening our core equipment and acquisition offer in particular with immediate access in marine to high end vessels at a time of market recovery,” said Jean-Georges Malcor, CEO of CGGVeritas. “It also extends our service range to new customers and additional markets such as airborne. The acquired business of Fugro’s Geoscience Division fully complements our products and services and enables us to better serve our clients across the complete exploration to production value chain.”