Certain administrative actions are still to be completed, but these do not impact business continuity and are anticipated to be finalised shortly.
The airborne activities form part of the Geoscience activities, the majority of which were already transferred to CGG on 31 January 2013. CGG has drawn the second tranche (EUR 100 million) of the vendor loan upon the transfer of the airborne activities.
Recently, CGG repaid EUR 112.5 million of the first tranche (EUR 125 million) of the vendor loan ahead of schedule. On balance, the vendor loan to CGG now stands at EUR 112.5 million.
Please refer to the press releases of
28 January 2013
9 August 2013
for more information on the background to the sale of the majority of Fugro’s Geoscience business.