Geco-Prakla

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Geco-Prakla was a European geophysical service company specializing in seismic surveys for petroleum exploration.

[edit] History

The company started as Geoteam-Computas Ltd. A.S. on December 13, 1972. The name was later changed to Geophysical Company of Norway or Geco. Anders Farestveit was the founder and CEO. The main focus was marine seismic surveys. Geco was merged with Statex (owned by Statoil and Kongsberg Våpenfabrikk) in 1977.

The company enjoyed strong expansion until 1985, when there was a global crisis in the oil industry. In the summer of 1986 Schlumberger Limited purchased first 50%, then the entire company. This brought about a merger with Merlin Geophysical (Seismic Profilers), who had been purchased by Schlumberger a year earlier.

Mergers with other geophysical companies followed, including Delft Geophysical, Prakla-Seismos and Seismograph Services Ltd. Following the merger with Prakla-Seismos the company was renamed Geco-Prakla. In 2001, Geco-Prakla was joined with the Western Geophysical division of Baker Hughes in a joint venture named WesternGeco. Schlumberger retained 70% ownership in the venture; Baker Hughes owned the remaining 30%.

In April 2006 Schlumberger acquired the 30% from Baker Hughes for $2.4 billion.