GEOSCIENCE player CGG has agreed to sell its shares in Shearwater GeoServices to Norway's Rasmussengruppen. CGG revealed this week that Eidesvik Offshore had exercised a put option and sold all of its Shearwater shares to CGG at a strike price of $30 million, taking CGG's shareholding in Shearwater to 6.64% of the total outstanding shares and 6.72% of the shares having voting rights. CGG has accepted a binding offer from Rasmussengruppen to buy all of its Shearwater shares, including those it is set to acquire from Eidesvik. It has agreed to sell the shares for $27.6 million, which it deemed to be a "fair market value", with the deal expected to close no later than 1 February.
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