The stake is being bought directly from Black River Asset Management, Farallon Capital Management, Geotech’s senior management and also through the subscription to a new share issue.

Completion is expected within the first half of this year. Thereafter, Geotech will have a shareholder base consisting of Farallon Capital Management, Pinebridge Russia Century Partners and Volga Resources and management.

Chlodwig Reuter, chairman of Volga, said: “This acquisition builds on our existing presence within the oil and gas sector and on our longstanding experience of the industry and its supply chain. Geotech has a long history in Russia and the CIS of being a well managed participant in the field of seismic data. We are excited about its growth and expansion potential.”

Volga’s financial adviser for the transaction was Credit Suisse and legal adviser was Latham & Watkins.