CGG Sells Five Seismic Vessels to Shearwater and Plans to Form Streamer JV

Updated 1 year 8 months ago

In June 2019, CGG announced an agreement to sell five streamer vessels jointly owned by CGG and Eidesvik Offshore to Shearwater with mutual commitments to capacity for multi-client projects. The term sheet also included the creation of a joint venture (JV) under the Sercel name and majority ownership by CGG for the development and manufacturing of marine streamer seismic acquisition systems. Global Seismic Shipping owns the five vessels to be sold.

The term sheet includes a five-year utilization commitment for an annual minimum of two vessel years. Nordea acted as a financial advisor to CGG with Carnegie and DNB Markets advising Shearwater. The deal closed in January 2020 with the JV expected to to be finalized in the first half of 2020.