CGG Sells Physical Asset Storage and Services Business

CGG Sells Physical Asset Storage and Services Business
The transaction includes seven dedicated storage and service facilities.

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

The transaction includes seven dedicated storage and service facilities, each holding client collections of records and subsurface rock and fluid samples, CGG noted in a company statement. Access has acquired three North American sites and OASIS four European sites, CGG highlighted, adding that OASIS and Access have a history of collaboration.

“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,” Sophie Zurquiyah, the chief executive officer of CGG, said in a company statement.

Back in October, CGG announced the completion of the sale of its GeoSoftware business to Topicus.com Inc and Vela Software for a total cash consideration of $95 million. The deal was first announced by CGG in July 2021. Also in July last year, CGG announced the closing of the sale of its multi‐physics business. The company revealed in August 2020 that it had entered into a sale and purchase agreement with Xcalibur Group for the sale of its multi-physics business.

In February 2020, CGG revealed that it had completed the wind-down and exit from its land seismic data acquisition business after completing its last land seismic acquisition contract in Tunisia. The milestone marked the completion of CGG’s strategy to exit the seismic data acquisition business, the company highlighted in a statement at the time.

CGG describes itself as a global geoscience technology leader. The company employs around 3,700 people worldwide, according to its website.

To contact the author, email andreas.exarheas@rigzone.com


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