CGG Announces the Sale of its US Land Seismic Multi-Client Library

Rhea-AI Summary

CGG announced the sale of its US land seismic multi-client library to Bon Ton Seismic LLC for $63 million. This library covers approximately 20,000 square miles (about 52,000 km²) of 3D seismic data. CEO Sophie Zurquiyah stated that this divestment is part of CGG's ongoing business portfolio management initiated in 2018. The company plans to focus on offshore hydrocarbon basins, CCUS, minerals and mining, and digital solutions with its Earth Data segment.

Positive

• Sale of US land seismic library for $63 million enhances cash reserves.
• Focus shift towards offshore hydrocarbon basins and digital solutions can lead to growth opportunities.

Negative

• Divestment may indicate reduced focus on land seismic data, potentially impacting revenue from that segment.

Paris, France – December 16, 2022

CGG announced today the sale, to Bon Ton Seismic LLC (Bon Ton), of its US land seismic multi-client library encompassing approximately 20,000 square miles (about 52 000 km²) of 3D seismic data for a total cash consideration of US$63 million.

Commenting on the transaction, Sophie Zurquiyah, CEO of CGG, said: “The sale of our US Land data library is part of a continuous process of business portfolio management that was initiated in 2018.  Earth Data will continue to focus on key prolific offshore hydrocarbon basins, CCUS, Minerals & Mining, and Digital. We are pleased to put our extensive land portfolio in the capable hands of Bon Ton.”

About CGG

CGG (www.cgg.com) is a global technology and HPC leader that provides data, products, services and solutions in Earth science, data science, sensing and monitoring. Our unique portfolio supports our clients in efficiently and responsibly solving complex digital, energy transition, natural resource, environmental, and infrastructure challenges for a more sustainable future. CGG employs around 3,300 people worldwide and is listed on the Euronext Paris SA (ISIN: 0013181864).

Contacts

Group Communications & Investor Relations Christophe Barnini Tel: + 33 1 64 47 38 11 E-Mail: christophe.barnini@cgg.com

 

Attachment

• CGG Announces the Sale of its US Land Seismic Multi-Client Library

FAQ

What is the recent sale announced by CGG?

CGG announced the sale of its US land seismic multi-client library to Bon Ton Seismic LLC for $63 million.

What is the area covered by CGG's seismic data library?

The library encompasses approximately 20,000 square miles (about 52,000 km²) of 3D seismic data.

Why did CGG sell its US land seismic data library?

The sale is part of CGG's ongoing business portfolio management to focus on key offshore hydrocarbon basins and digital solutions.

Who is the buyer of CGG's seismic multi-client library?

The buyer is Bon Ton Seismic LLC.

When was the sale of CGG's seismic library announced?

The sale was announced on December 16, 2022.