CGG and Baker Atlas Finalize Borehole Seismic Deal

Baker Hughes has finalized its acquisition of Compagnie Generale de Geophysique's borehole seismic data acquisition business.

Baker Hughes paid 90% of the consideration for the transaction on December 27, 2002, and on that date acquired certain assets and intellectual property of the borehole data acquisition business.

The remaining 10% will be transferred at the final closing, which is anticipated to occur not later than February 28, 2003, at which time the employees and contracts of the ongoing business will be transferred to Baker Hughes, and at which time the parties will a joint company for processing and interpretation of borehole seismic. CGG will hold a 49% equity in the venture.