CGG Enters into a Binding Agreement for the Sale of its Multi-Physics Business

CGG has entered into a binding agreement with NEOS for the sale of its Multi-Physics Business Line encompassing gravity, magnetic, electromagnetic and radiometric surveys with an advanced range of airborne fixed-wing and helicopter systems and the General Geophysics Italy business specializing in high-end land EM processing and imaging. NEOS is a US American exploration solutions provider to energy ministries and natural resource firms involved in oil & gas, minerals, and groundwater extraction. The Transaction is expected to close during the summer following receipt of required approvals and licenses, at which time the businesses will transfer. Financial terms of the Transaction are not being disclosed. Jean-Georges Malcor, CEO of CGG, said: “We look forward to establish long term business relationships with NEOS as our clients are looking for extensive knowledge and expertise of the Oil and Gas value chain. www.cgg.com