LONDON�Norway's Aker Maritime AS yesterday agreed to sell its 2-year old marine seismics unit, Aker Geo, to French geophysical specialist Compagnie Generale de Geophysique SA (CGG) in a cash and shares deal worth some $118 million.
Under the sales transaction, which Aker said should be concluded by mid-January 2001, CGG will acquire Geo's two seismic survey vessels, Aker Amadeus and Aker Symphony, as well as 1000 sq km of seismic data. The agreement also covers transfer of personnel from Geo to CGG.
Aker's geology and geophysical consultancy firm Aker Geo Petroleum Services was not included in the sales package.
Of the total transaction value, Aker will pocket some $25 million in cash. The remaining $93 million will be paid in CGG shares, which, depending on stock price, could translated into a shareholding in the French company of as much as 16%.
Aker said it was "committed" to retaining $33 million in CGG shares for at least 90 days after sealing the sales agreement.
In the first 9 months of this year, Geo had revenues of 203 million kroner�and a loss after financial items of 129 million kroner.
