Fri, Jan. 29, 12:44 PM
Wed, Jan. 27, 12:49 PM
Fri, Jan. 15, 12:49 PM
Thu, Jan. 14, 12:46 PM
Thu, Jan. 14, 8:53 AM
- CGG -24.8% premarket after saying yesterday it would sell as much as €350M in new shares ($379M) at a 72% discount to finance its plan to transform from a seismic acquisition company into an integrated geosciences group.
- CGG says it will use the proceeds principally to cover the ~$175M shortfall in consolidated net working capital and to finance its activities, which will reduce its reliance on drawing from its revolving credit facilities.
- CGG says French oil peer Total (NYSE:TOT) may buy as much as €35M of new shares if they remain unsold at the end of the subscription period on Jan. 27.
May 19, 2015, 3:00 PM
- WTI crude oil is down $2.13 to $58.11/barrel on worries about high Saudi production and weak global demand. Seismic exploration hardware/service providers Ion Geophysical (IO -4%), Geospace (GEOS -1.6%) and CGG (CGG -5.8%) have followed crude lower.
- Geospace and CGG have rallied over the last 6 weeks as oil prices rebounded. Ion, which hasn't been so lucky, rose last Friday in response to an insider buy.
Dec. 15, 2014, 12:52 PM
Dec. 15, 2014, 7:45 AM
- CGG -31% in Paris trading after Technip (OTCQX:TKPPY) says it is abandoning its pursuit of the company and will not make an offer directly to investors.
- Last month, Technip offered to acquire the French oil services company for €1.46B ($1.82B) but CGG rejected the approach.
- The proposal would have combined Technip, which provides engineering and construction services to the energy industry, with CGG, a provider of equipment and geological data processing services to the sector.
Dec. 11, 2014, 12:45 PM
Nov. 20, 2014, 12:47 PM
- CGG (CGG -5.3%) earlier confirmed it was approached by Technip (OTCPK:TNHPF, OTCQX:TKPPY) with an unsolicited offer - which it rejected - but in the view of Goldman Sachs analyst Henry Tarr, there is not a strong strategic rationale for a deal, and possible synergies are limited.
- Diversification can, as in the Halliburton-Baker Hughes tie-up, have merit, but this deal looks more expansionist than defensive, WSJ's Helen Thomas reports, as CGG’s seismic imaging and exploration services are largely separate from the actual construction of projects.
- Technip seems to be making a long-dated bet on a recovery in activity, Sanford C. Bernstein analysts say, but with the volatile seismic cycle approaching another trough, a deal could put pressure on earnings as fleets lie idle.
Nov. 20, 2014, 7:38 AM
- Technip (OTCPK:TNHPF, OTCQX:TKPPY) says it has made a preliminary takeover offer of €1.46B ($1.83B) for smaller French oil services company CGG, which says it rejected the offer.
- Technip, which says it first approached CGG on Nov. 10, has offered €8.3/share in cash, a 27% premium over CGG’s closing share price yesterday.
- CGG -6.6% premarket after surging more than 22% late yesterday after word of the deal was reported.
Nov. 19, 2014, 3:39 PM
- French seismic surveyor CGG (CGG +24.3%) soars after Bloomberg reports it is weighing a sale of the company after being approached by Technip (OTCPK:TNHPF, OTCQX:TKPPY).
- CGG is said to have rejected an initial offer from Technip as too low, but talks are continuing.
- The French government, whose fund owns stakes in both CGG and Technip, reportedly is pushing for a combination of the companies.
Nov. 12, 2014, 12:45 PM
Nov. 6, 2014, 12:47 PM
Aug. 1, 2014, 10:58 AM
- CGG (CGG -1.8%) says it will shrink its fleet to 13 vessels from 18 by year's end and cut ~10% of its global workforce, or more than 1,000 jobs, after delayed orders led to a Q2 loss.
- CGG's Q2 net loss grew to $325M after restructuring charges, following a $39M loss in Q1 and a $36M profit in the year-ago quarter, while its order backlog fell to $1.1B from $1.2B at the end of March and $1.35B at the end of 2013.
- CEO Jean-Georges Malcor says the rest of 2014 will remain difficult amid weak demand as oil explorers defer orders for seismic studies to curb spending.
- CGG also says it will sell its North American land business to Geokinetics in exchange for a minority stake, without giving further details.
Jan. 7, 2014, 12:49 PM
- Cowen lowers its estimates on oil service and drilling stocks (OIH) after an internal survey estimates slower than expected 4% growth in exploration and production spending in 2014, presenting a difficult scenario for the stocks to perform well (Briefing.com).
- The firm downgrades and cuts earnings estimates for Baker Hughes (BHI -1.5%), Cameron (CAM -0.4%), Nabors Industries (NBR -2%), CGG (CGG -0.2%), Superior Energy (SPN -1.9%) and Helmerich & Payne (HP +1.1%) to Market Perform from Outperform as it reduces industry growth estimates for 2014 and 2015.
CGG is a integrated geoscience company, which provides geological geophysical and reservoir capabilities to its broad base of customers primarily from the global oil and gas industry. The company manufactures geophysical equipment, as a provider of marine, land and airborne data acquisition... More
Sector: Basic Materials
Industry: Oil & Gas Equipment & Services
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