Compagnie Generale de Geophysique (CGG) announced today the signing of two definitive agreements aiming at reinforcing significantly its presence in marine seismic data acquisition.
The first of these agreements concluded with Louis Dreyfus Armateurs (LDA) concerns the purchase by CGG of the 40 percent equity retained by LDA in CGG Marine .
The agreement outlines conditions of the upgrade of the seismic vessel Mistral to a 10 steamers capacity through the creation of a joint 50/50 company to which the Mistral, currently owned by LDA, will be sold in its present condition.
The upgrade will start in the second half of 2001 and will take approximately 6 months. Upon delivery from the shipyard, the Mistral will be operated by CGG Marine under a 7 year time charter secured with the joint company, new owner of the vessel.
The second agreement, concluded with Aker Maritime concerns the acquisition by CGG of certain assets of Aker Geo, a 100 percent subsidiary of Aker Maritime.
Under the terms of this agreement, CGG will acquire the two seismic vessels Amadeus and Symphony currently operated by Aker Geo, as well as 1000 KM2 of recently acquired seismic data.