21 December 2007
BHP Billiton announced today that it has agreed to sell its Falcon™ geophysical technology to Fugro NV.
BHP Billiton will retain exclusive use and priority access to the technology for minerals exploration until March 2010. Final completion of the sale is subject to the satisfaction of conditions precedent and it is anticipated that execution of the sale agreement will be completed by March 2008. The Falcon technology, jointly developed by BHP Billiton and Lockheed Martin, is deployed on aircraft operated by Fugro Airborne Surveys.
Ian Maxwell, Vice President BHP Billiton Minerals Exploration, said: "We have a long and productive relationship with Fugro Airborne Surveys and through this agreement we will continue to use Falcon™ technology through a world class geophysical service provider, as we focus our efforts on discovery of new mineral deposits."