Oil and gas seismic data company CGG announced has entered into a Sale and Purchase Agreement (SPA) with Xcalibur Group for the sale of CGG’s Multi-Physics business.
Under the agreement, France-based CGG will sell is entire Multi-Physics business, except its multi-client library.
The sale subject to approval by the competent regulatory authorities. The closing of this transaction is expected in Q4 of this year, CGG said without disclosing the financial details of the agreement.
As part of its Multi-Physics business, CGG offers gravity, magnetic, electromagnetic, and radiometric surveys in the air, on land, or at sea.
Worth reminding, CGG in January officially exited the marine data acquisition business with the completion of the previously announced sale of its vessels to Norway's Shearwater.
Also, in February, CGG announced 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.