CGG wraps up sale of seismic-interpretation software
French geophysics company CGG said on October 4 it had closed the sale of its GeoSoftware business to software firms Topicus and Vela for $95mn.
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, effective October 1, gives Topicus and Vela 60% and 40% positions in the business respectively.
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The latest sale comes after CGG sold off its onshore and offshore seismic data acquisitions operations in early 2020, and completed the sale of its Multi-Physics software to Xcalibur in June this year.