CGGVeritas to Buy Fugro’s Seismic Unit for $1.6 Billion
By Will Kennedy - Sep 24, 2012 3:24 AM ET
the world’s largest surveyer of oilfields, agreed to buy Fugro NV (FUR)’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.
Concentrate, and ASK the 8-Ball!