* Combined proforma revenues seen at $4.2 bln, EBITDA $1 bln
* Acquisition to add to earnings as of 2013
(Changes lead, adds detail from statement)
PARIS/AMSTERDAM, Sept 24 CGGVeritas
will buy the seismic data division of Dutch engineering company
Fugro for 1.2 billion euros ($1.56 billion) in cash,
increasing the number of activities the French service provider
to the oil and gas sectors can offer.
The combined group will have pro forma revenues of $4.2
billion and earnings before interest, tax, depreciation and
amortisation (EBITDA) of $1.0 billion while the acquisition
should add to earnings as of 2013, CGGVeritas showed in a
presentation to investors on Monday.
It plans to fund the acquisition with one third equity and
two thirds debt while aiming to maintain its credit rating. As
soon as possible, CGGVeritas plans to launch a capital increase.
The deal significantly increases CGGVeritas' capabilities in
integrated geology and geophysics, reservoir characterization
and development, Chief Executive Jean-Georges Malcor said in a
It also strengthens the company's core equipment and
acquisition offer "in particular with immediate access in marine
to high end vessels at a time of market recovery," he added.
As part of the agreement, both groups have concluded
partnerships that should bolster their positions in the
CGGVeritas said the deal excluded Fugro's existing
Multi-Client library and nodes businesses.
($1 = 0.7699 euros)
(Reporting by Caroline Jacobs and Gilbert Kreijger; Editing by
Hans-Juergen Peters and Helen Massy-Beresford)