The Atlantis unit was the dealbreaker in the failed merger between PGS and Veritas DGC last year, with Veritas loathe to assume responsibility for the division.

The gross proceeds of the transaction total up to US$105 million, of which approximately US$55 million will be paid upon closure, at which time the ownership of Atlantis shares is transferred to Sinochem.

The agreement provides for additional payments of up to $50 million, subject to completion and terms of certain sales contracts.