ViaLogy to collaborate with CGG in 'win-win' deal

ViaLogy, an oil and gas services provider, has announced a collaboration with CGG, a geosciences company based in France.

ViaLogy, an oil and gas services provider, has announced a collaboration with CGG, a geosciences company based in France.

The agreement will provide ViaLogy with global sales and services locations, access to CGG customers, assistance in scaling it's QuantumRD technology to large geographical areas, as well as specialised high-tech data processing to prepare seismic datasets for QuantumRD.

The firm will also receive support in the form of CGG personnel, facilities, past project experience, and assistance with tender submissions.

In exchange, CGG will receive unspecified reimbursement for these services, and will be able to monitor and exploit the QuantumRD technology for its own business and technical purposes, and collaborate on an exclusive basis with ViaLogy technologists.

ViaLogy said that ideally, "CGG will process all data for ViaLogy analysis, ensuring the highest data quality, retention of data characteristics important for QuantumRD, and leading to repeat business for both parties".

It stressed that any intellectual property related to QuantumRD will remain ViaLogy's.

"The signing of this agreement is a ground-breaking development for ViaLogy," Robert Dean, Chief Executive Officer of the group, said.

"It gives us the global reach we need to deploy our technology, keep sensitive seismic data in-country where necessary for QuantumRD analysis in non-US locations, and work with the most experienced geophysical staff in the world to develop the technology further in operational settings. It is a win-win for both companies. We hope to benefit CGG by winning QuantumRD commercial contracts that will create new business opportunities for them."

"Our relationship with CGG enables us to bid on large projects for international customers around the world and we will look to expand our highly qualified workforce to cope with what we anticipate will be a large increase in commercial work."

The share price leapt 14% to 1.43p by 08:50 on Monday.

NR

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Most Popular

Why we won’t see a house-price crash in 2021
House prices

Why we won’t see a house-price crash in 2021

Lockdown sent house prices berserk as cooped up home-workers fled for bigger properties in the country. And while they won’t rise quite as much this y…
18 Jan 2021
Prepare for the end of the epic bubble in US stocks
US stockmarkets

Prepare for the end of the epic bubble in US stocks

US stocks are as expensive as they’ve ever been. How can you prepare your portfolio for a bubble bursting?
18 Jan 2021
The best investment trusts to buy for 2021
Investment trusts

The best investment trusts to buy for 2021

Sectors ranging from emerging markets to student accommodation look poised to do well this year, says David Stevenson, as he picks the best investment…
19 Jan 2021