Fugro Closes Seabed Geosolutions Joint Venture

Fugro, headquartered in The Netherlands, and France-based CGG, have announced the closure of the previously announced Seabed Geosolutions joint venture on 16 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 paid EURO225 million 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 of Seabed Geosolutions and will be operational with immediate effect.