Deals
CGGVeritas to Acquire Fugro’s Seismic Unit for $1.6 Billion
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CGGVeritas, the world’s largest surveyer of oilfields, agreed to buy Fugro NV’s seismic division for 1.2 billion euros ($1.6 billion) in cash to benefit from a forecast recovery in survey rates.
CGG will finance the acquisition, which adds four seismic-survey vessels to its fleet, through debt and a share sale and expects to complete the transaction by the end of the year, the Paris-based company and Leidschendam, Netherlands-based Fugro said in statements today.