Seismic survey vessel fleet owner Shearwater GeoServices and seismic data firm CGG have abandoned their plans to form a joint technology partnership in the space of marine seismic streamers, as proposed in June 2019.
Under the agreements between the two companies signed last year, Shearwater agreed to buy CGG's whole vessel fleet (transaction completed earlier this year), and the companies have agreed to a technology partnership, under the Sercel brand name and CGG’s majority ownership, to develop, manufacture, commercialize and support marine streamer seismic acquisition systems.
This marine streamer seismic joint venture deal is now off.
Irene Waage Basili, the CEO of Shearwater GeoServices: "Since the announcement of the CGG transaction in June 2019, Shearwater shared their intent to form a joint technology partnership for future marine streamer seismic acquisition systems with Sercel.
"The vessel and capacity part of the transaction with CGG was successfully completed in January this year and has resulted in a very close working relationship between CGG and Shearwater.
"Due to the downturn in the oil & gas industry, triggered by the COVID-19 pandemic, CGG and Shearwater have jointly agreed to suspend negotiations around creating a marine streamer equipment JV.
"Both Shearwater and CGG confirm their commitment to the technology advancements needed in the industry and remain open to explore future cooperation on technology in the years to come," Basili said.