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.
Dec. 17, 2013, 12:45 PM
Dec. 17, 2013, 12:21 PM
- CGG (CGG -16.5%) shares sink after the oil services revises its FY 2013 guidance lower to $400M-$420M and plans to carry out a rebalancing of its asset portfolio in a move to cut costs and boost margins.
- CGG says it is "operating in difficult market conditions" as clients delay their awards of large projects in the Marine Acquisition business; even though the company expect its Q4 fleet production rate to remain above 90%, the availability rate will be ~80%.
- Separately, CGG announces a multi-client survey program offshore Brazil to focus on a large proportion of open acreage in the Foz do Amazonas Basin.
May. 3, 2013, 9:07 AM
Nov. 5, 2012, 11:46 AMCGGVeritas (CGV -2.7%) reports a 20% increase in Q3 profit to $48M vs. $40M in the year-ago period but misses estimates partly because of a higher tax rate. Separately, the world’s largest seismic surveyor of oilfields agrees to work with Baker Hughes (BHI +1.3%) to provide shale drilling services. | Comment!
Sep. 24, 2012, 8:18 AMFrench oil and gas services company CGGVeritas (CGV) agrees to buy the seismic data unit of Dutch engineering firm Fugro for ~$1.5B. CGV says the deal would expand its access to oil and gas sites in Australia and Western Europe; Fugro’s seismic data division uses ships to locate potential new resource areas. CGGVeritas -6.9% in Paris, Fugro +2.5% in Amsterdam. | Comment!
Jul. 17, 2012, 9:51 AMCGGVeritas (CGV +5.9%) says it began acquiring its first StagSeis dual-vessel, long-offset multi-client full-azimuth survey in the Keathley Canyon area of the Gulf of Mexico. The 3D seismic data survey is the first phase in a multi-client program CGV says it will conduct in the Gulf over the next few years. | Comment!
CGG vs. ETF Alternatives
CGG is a manufacturer of geophysical equipment. It provides seismic services in data acquisition and processing, both onshore and offshore, to clients in the oil and gas exploration and production industry.
Other News & PR