|By PR Newswire||
|August 1, 2014 04:19 AM EDT||
HOUSTON, Aug. 1, 2014 /PRNewswire/ -- Geokinetics Inc., one of the largest independent international land and shallow water seismic companies, announced today that it has signed a binding agreement with CGG for the purchase of CGG's North American Land seismic contract acquisition business.
Through this agreement, CGG will contribute its North America Land Contract activities (excluding its land multi-client and monitoring businesses) in exchange for a minority equity stake in Geokinetics.
"We are pleased to announce that Geokinetics has secured the necessary financing to support this transaction. The benefits from this combination are quite compelling," said David J. Crowley, President and CEO of Geokinetics. "This consolidation of the land seismic acquisition market elevates Geokinetics to the #1 position in marketed crews in North America; as we assume the #1 position in Canada and the #2 positions in the Lower 48 as well as the Alaskan markets."
As part of the transaction, CGG will provide its patented technology in support of the seismic crews. Geokinetics will also benefit from a preferred relationship with the CGG North American Land Multi-Client Group.
This transaction provides Geokinetics the scale, focus and flexibility to attain the next level of providing quality service to a broader customer base. "The combination of our industry-leading seismic acquisition teams will better position our company in the North American marketplace, as we integrate our experience, knowledge and deployable technology," added Crowley.
CGG, based in Paris, France, is a fully integrated geoscience company that provides leading geological, geophysical and reservoir capabilities to its broad bases of customers, primarily from the oil and gas industry.
This transaction is expected to be finalized by the end of October 2014.
About Geokinetics Inc.
Geokinetics Inc., (www.geokinetics.com) headquartered in Houston, Texas, is one of the world's largest independent land and shallow water geophysical companies. The company is an international seismic contractor that specializes in acquiring and processing seismic data from some of the toughest and challenging environments in the world. Geokinetics has expertise covering high land onshore through to 1,000 meters offshore operating capacity. With its worldwide operating experience, comprehensive global resources and in-depth capabilities, Geokinetics offers the most innovative, cost-effective and efficient acquisition and processing solutions. Geokinetics' expanding Multi-Client Survey Library consists of both 2D and 3D data, covering conventional and unconventional plays throughout key areas of interest around the world, specifically in North America, Brazil and Argentina.
Gary L. Pittman -
Vice President & Chief Financial Officer
SOURCE Geokinetics Inc.
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