CGG finalizes PECC acquisition (January 1997)

CGG are in the process of acquiring the remaining 49% of UK based Petroleum Exploration Computer Consultants (PECC) completing a deal initiated in 1994.

During the bidding process for the Sonatrach database project in Algeria, PetroSystems, a wholly owned subsidiary of CGG acquired 51% of UK based PECC. This acquisition was strategic for CGG in that it brought them both industrial strength remastering capability, and a state of the art database repository in PECC's PetroVision product. The deal was for a two phased acquisition, with the second phase subject to certain conditions to which PDM is not party. (We don’t know everything after all!) In any event CGG seem well pleased with the progress of the deal having elected to exercise their option to complete the acquisition of the remaining shares. Completion is scheduled for the 1st of january 1997 at which point the PECC name will disappear, and the unit will integrate CGG's E&P Data Services Division.

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