French geophysical services company CGG has completed the sale of its GeoSoftware business to Topicus and Vela Software for $95 million in cash. The transaction was effective October 1, 2021.
GeoSoftware product suite, among other things, helps oil and gas operators unlock the maximum hydrocarbon potential from their reservoir assets with advanced seismic interpretation features.
The GeoSoftware business will be owned jointly by Topicus and Vela, with Topicus owning 60% and Vela 40%.
In June, CGG completed the sale of its Multi-Physics business, except its multi-client library, to Xcalibur
As part of its Multi-Physics business, CGG offered gravity, magnetic, electromagnetic, and radiometric surveys in the air, on land, or at sea.
Worth reminding, CGG in January 2020 officially exited the marine data acquisition business with the completion of the previously announced sale of its vessels to Norway's Shearwater.
In February 2020, CGG announced that it had completed the wind-down and exit from its land seismic data acquisition business.