/C O R R E C T I O N -- Geokinetics Inc./
In the news release, Geokinetics Announces the Purchase of CGG's North America Seismic Land Contract Acquisition Business, issued 01-Aug-2014 by Geokinetics Inc. over PR Newswire, we are advised by the company that the release was originally issued inadvertently. The complete, corrected release follows:
Geokinetics Announces the Purchase of CGG's North America Seismic Land Contract Acquisition Business
HOUSTON, Aug. 1, 2014 /PRNewswire/ -- Geokinetics Inc., one of the largest independent international land and shallow water seismic companies, announced today that it has signed a binding agreement with CGG for the purchase of CGG's North American Land seismic contract acquisition business.
Through this agreement, CGG will contribute its North America Land Contract activities (excluding its land multi-client and monitoring businesses) in exchange for a minority equity stake in Geokinetics.
"The benefits from this combination are quite compelling," said David J. Crowley, President and CEO of Geokinetics. "This transaction will elevate Geokinetics to the #1 position for crews marketed in the land seismic acquisition business in North America; as we assume the #1 position in Canada and the #2 positions in the Lower 48 as well as the Alaskan markets."
As part of the transaction, CGG will provide its patented technology in support of the seismic crews. Geokinetics will also benefit from a preferred relationship with the CGG North American Land Multi-Client Group.
This transaction provides Geokinetics the scale, focus and flexibility to attain the next level of providing quality service to a broader customer base. "The combination of our industry-leading seismic acquisition teams will better position our company in the North American marketplace, as we integrate our experience, knowledge and deployable technology," added Crowley.
Barclays acted as financial advisor to Geokinetics in support of this transaction.
This transaction is expected to be finalized by the end of October 2014
About Geokinetics Inc.
Geokinetics Inc., (www.geokinetics.com) headquartered in Houston, Texas, is one of the world's largest independent land and shallow water geophysical companies. The company is an international seismic contractor that specializes in acquiring and processing seismic data from some of the toughest and challenging environments in the world. Geokinetics has expertise covering high land onshore through to 1,000 meters offshore operating capacity. With its worldwide operating experience, comprehensive global resources and in-depth capabilities, Geokinetics offers the most innovative, cost-effective and efficient acquisition and processing solutions. Geokinetics' expanding Multi-Client Survey Library consists of both 2D and 3D data, covering conventional and unconventional plays throughout key areas of interest around the world, specifically in North America, Brazil and Argentina.
Gary L. Pittman -
Vice President & Chief Financial Officer
SOURCE Geokinetics Inc.