Fugro has effectively completed the sale and transfer of its airborne activities to CGG. Certain administrative actions are still to be completed, but these do not impact business continuity and are anticipated to be finalised shortly.
The airborne activities form part of the Geoscience activities, the majority of which were already transferred to CGG on 31 January 2013. CGG has drawn the second tranche (EUR 100 million) of the vendor loan upon the transfer of the airborne activities.
Recently, CGG repaid EUR 112.5 million of the first tranche (EUR 125 million) of the vendor loan ahead of schedule. On balance, the vendor loan to CGG now stands at EUR 112.5 million.
About Fugro
Fugro provides the people, equipment, expertise and technology that support the exploration, development, production and transportation of the world’s natural resources. Fugro also provides its clients with the technical data and information required to design, construct and maintain structures and infrastructure in a safe, reliable and efficient manner.
About CGG
CGG is a fully integrated Geoscience company providing leading geological, geophysical and reservoir capabilities to its broad base of customers primarily from the global oil and gas industry.