Matters

Fugro sells Geoscience division to CGGVeritas

September 10, 2012
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Matters

De Brauw Blackstone Westbroek has acted as legal advisor to Fugro in relation to the divestment of the Fugro Geoscience division to CGGVeritas. Fugro provides geotechnical, survey and geoscience services to oil, gas, mining and construction industries; Fugro shares are traded on NYSE Euronext.

Fugro and CGGVeritas announced that they have signed an agreement under which CGGVeritas will acquire Fugro‚Äôs Geoscience division, excluding the multi-client library and Ocean Bottom Nodes business, for a total cash consideration of EUR 1.2 billion. The transaction is consistent with Fugro’s strategy to build strong market positions and a broad, cohesive service portfolio and to maintain a balance of its services across the exploration, development and production phases of the oil and gas industry.

 

As part of the transaction, Fugro and CGGVeritas have agreed to enter into a Seabed Geophysics joint venture which includes Fugro’s and CGGVeritas’ ocean bottom nodes businesses and CGGVeritas’ transition zone, ocean bottom cable and permanent reservoir monitoring activities. Fugro will make a cash payment of EUR 225 million to CGGVeritas in order to achieve a 60% controlling interest in the joint venture.

 

Team: Bernard Roelvink, Arne Munch, Hafida Farouk, Joost Schutte, Paul Sleurink, Henk van Ravenhorst, Wiebe Dijkstra, Erik Pijnacker Hordijk, Jan Marten van Dijk, Jean-Marc Rovers, Gertjan Kuijpers, Michelle Schilperoort, Barbara van Duren-Kloppert

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