France's CGG divests seismic-interpreting software
French seismic surveying company CGG said on July 30 it had agreed to sell its GeoSoftware business to software companies Topicus and Vela, which will own it in a 60-40 split.
GeoSoftware's products aim to help oil and gas operators maximise recovery from their reservoirs with the use of advanced seismic interpretation features. The deal's closure is subject to conditions, CGG said, without disclosing its price tag.
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"GeoSoftware has a leading position in its market niche. We believe that Topicus and Vela, being software focused companies with a permanent hold philosophy, will be a great home for the business and its employees," CGG CEO Sophie Zurquiyah commented. "We expect that together they will further invest and develop the GeoSoftware product suite, allowing the company to grow its offerings and continue its success."