CGG To Transfer Its North American Land Contract Business To Geokinetics

(RTTNews) - France-based geoscience company CGG (CGG) Friday said it will transfer its North American Land Contract assets and activities to Geokinetics Inc.(GOKN, GOKN.OB),an independent international land and shallow water seismic company.

This combination is likely to place Geokinetics as a market leader in the North American Contract business.

Jean-Georges Malcor, CEO of CGG, commented: , "The transfer of our North America Land Contract business to Geokinetics is in line with our strategy to refocus and reconfigure the worldwide perimeter directly operated by our Land Business Line. This combination will offer our North America customers an unprecedented opportunity to meet their expectations for performance, technology and flexibility."

The transaction is expected to be finalized by end of October 2014.