Fairfield Geotechnologies announced that it has entered into a definitive agreement with Magseis ASA whereby Magseis will acquire the Seismic Technologies business from Fairfield comprising data acquisition, nodal and system sale & rental activities, including all shares in Fairfield's wholly owned UK subsidiary WGP Group. The name of the new business will be Magseis Fairfield. Following completion of the Transaction, the combined organization will comprise approximately 430 full-time employees and be structured in three business areas: Eastern Hemisphere Operations (Headquarters in Oslo, Norway), Western Hemisphere Operations (Headquarters in Houston, USA) and Technology. The Transaction does not include the data licensing or data processing business of Fairfield, which will be retained by Fairfield. The Business will be carved out of Fairfield's organization and transferred into a newly incorporated company owned by Fairfield before completion of the Transaction. The Chairman, CEO and President of Fairfield, Charles W. Davison, has been proposed as the new Chairman of the Board of Directors of Magseis upon completion of the Transaction. Anthony Dowd, President and CEO of Fairfield-Maxwell Ltd, has been proposed as a member of Magseis' nomination committee.