CGG: CGG Sells its Physical Asset Storage and Services Business to OASIS Group and Access

Rhea-AI Summary

CGG S.A. has successfully completed the sale of its physical storage assets and related services from the Smart Data Solutions business to OASIS Group and Access Information Management Corporation. The deal encompasses seven specialized storage facilities, with Access acquiring three in North America and OASIS taking four in Europe. This strategic move aims to enhance service delivery for global clients, capitalizing on the strengths of both OASIS and Access in records and information management. CGG's CEO, Sophie Zurquiyah, emphasized this alignment for future growth.

Positive

• Strategic sale of physical storage assets enhances focus on core geoscience technology business.
• Collaboration with OASIS and Access is expected to improve service delivery for clients.

Negative

• None.

CGG Sells its Physical Asset Storage and Services Business to OASIS Group and Access

Paris, France – January 4^th, 2022

CGG S.A. (“CGG”) announced today that it has closed the sale of the physical storage assets and associated services of its Smart Data Solutions business to OASIS Group (“OASIS”) and Access Information Management Corporation (“Access”).

The transaction includes seven dedicated storage and service facilities, each holding client collections of records and subsurface rock and fluid samples. Access has acquired the three North American sites and OASIS the four European sites. Access and OASIS have a history of collaboration and, for global clients, will work together to continue the global service delivery.

Sophie Zurquiyah, CEO, CGG, said: “With their focus on records and information management, Access and OASIS will provide an excellent home for the physical asset storage and services business of Smart Data Solutions, ensuring it has the ability to continue to expand and advance its service offerings, to best support the needs of its clients well into the future.”

About CGG

CGG (www.cgg.com) is a global geoscience technology leader. Employing around 3,700 people worldwide, CGG provides a comprehensive range of data, products, services and solutions that support our clients to more efficiently and responsibly solve complex natural resource, environmental and infrastructure challenges. CGG 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 - Press Release pdf version

FAQ

What is the significance of CGG’s sale of its physical asset storage business to OASIS and Access?

The sale allows CGG to concentrate more on its core geoscience technology business while partnering with experienced firms like OASIS and Access to enhance service delivery.

Which sites were involved in CGG’s asset sale?

CGG sold three North American sites to Access and four European sites to OASIS.

When was the sale of CGG’s physical asset storage business completed?

The sale was completed on January 4, 2022.

Who announced the sale of CGG's physical asset storage and services business?

The announcement was made by CGG S.A. on January 4, 2022.

What will happen to CGG’s physical asset storage services after the sale?

The physical asset storage and services will be managed by Access and OASIS, who are expected to expand and enhance the service offerings.