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Cgg News

19 May 2022

Sercel Acquires Geocomp

Image courtesy Sercel

CGG announced today that Sercel, its Sensing & Monitoring division, has acquired Geocomp Corporation, specialized in high-value services and products for geotechnical risk management and infrastructure monitoring. This acquisition gives Sercel access to the US infrastructure market and will accelerate deployment of its S-lynks and S-scan infrastructure monitoring solutions.

02 Mar 2022

Shearwater Sells Seismic Vessel Quartet for Recycling

Polar Marquis - Credit: Shearwater GeoServices

Offshore seismic services company Shearwater GeoServices said Tuesday it was divesting the four seismic survey vessels Polar Marquis, Oceanic Challenger, SW Emerald, and SW Eagle for recycling as part of its fleet renewal strategy.The first two vessels, Polar Marquis and Ocean Challenger, have been delivered in Turkey for recycling in accordance with EU regulations and the 2009 Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships, Shearwater GeoServices said.SW Emerald - Credit: Shearwater GeoServicesThe further two vessels…

15 Sep 2021

CGG Extends Seismic Vessel Deal with Shearwater in Brazil

Shearwater GeoServices has won a six-month contract extension with seismic data firm CGG on its Nebula survey offshore Brazil and is nearing completion of work for CGG on its North Viking Graben survey.Shearwater has previously conducted work for the extensive Nebula survey in the Campos and Santos basins and the announced extension will run to the end of 2021.“We are pleased with this extension in this very promising exploration area, adding more work to Oceanic Sirius and to our overall backlog”, said Irene Waage Basili, CEO of Shearwater.In the North Sea, Shearwater's Amazon Conqueror vessel has recently completed its work for CGG on the North Viking Graben survey, where the SW Amundsen vessel continues.

10 Jun 2021

Shearwater GeoServices Recycles Seismic Vessel

 Western Trident -Credit:Shearwater

Marine seismic contractor Shearwater GeoServices has sold the seismic vessel Western Trident for recycling as part of the company’s fleet renewal strategy.The vessel has been delivered in Turkey for recycling. In late 2020, Shearwater also sold the CGG Alize vessel to be repurposed outside of the seismic industry.Shearwater said the vessel sales, coupled with the company's recent acquisition of six modern seismic vessels, forms part of Shearwater’s fleet renewal strategy to replace older and less efficient units.

06 May 2021

Seismic Data Firm CGG Launches Pollution Monitoring Solution

Credit; CGG

French firm CGG, best known for its seismic data services for oil and gas exploration, has now launched a maritime pollution monitoring solution named SeaScope."Combining expertise in remote sensing science, Earth observation data, machine learning and high-performance computing, SeaScope provides critical sea surface slick intelligence for a range of industries to strengthen situational awareness of the interaction between offshore assets, coastal facilities, local vessel activity and the natural marine environment…

27 Jan 2021

Seismic Surveyor Polarcus Sees Shares Nosedive as it Defaults on Debt Payment

A Polarcus seismic vessel - Credit: Eburlid/Wikimedia - CC BY-SA 3.0

Oslo-listed seismic surveyor Polarcus has defaulted on its bank loans and bonds, it said on Tuesday, sending the company's shares plunging more than 30%.Polarcus and other seismic surveyors have been hit by weak demand as oil companies slash spending on geological data amid the coronavirus pandemic and last year's crash in the price of crude."The company intends to pursue all available options with a view to ensuring the financial sustainability of the company and in the meantime will halt all payments of interest and amortization to finance providers…

08 Jul 2020

CGG's Sercel Buys Stake in Autonomous Robots Start-Up

Ship repair is the first market to be targeted by AMBPR, as it has significant potential with 90,000 ships of over 50m in length periodically repainted at 600 dry docks worldwide - Image for illustration only; Credit:  TawanSaklay - AdobeStock.

France-based seismic data company CGG has informed that its subsidiary Sercel has acquired a 34% shareholding in AMBPR, a start-up company that designs and markets autonomous robots.The AMBPR robots are used for repairing (sanding and painting) of large metallic structures, used in the maritime and energy industries. "Sercel recognized the potential of AMBPR through Axandus, Sercel’s Industrial Accelerator program, which helps start-ups to scale up their industrial growth. The…

19 Feb 2020

CGG Officially Exits Seismic Data Biz

French-based geophysical services company CGG announced that it has completed the wind-down and exit from its land seismic data acquisition business after completing its last land seismic acquisition contract in Tunisia.Following on from the company’s recently announced exits from seabed and marine data acquisition, this milestone marks the successful completion of CGG’s strategy to exit the seismic data acquisition business.To date, CGG still retains a minority shareholding in the ARGAS company operating in the Middle East.Sophie Zurquiyah, CEO of CGG, said: “The exit from our seismic data acquisition business, one of CGG’s long-standing historic areas of expertise…

14 Feb 2020

Total Extends Processing Contract with CGG

Paris-based geophysical firm CGG announced that Total has renewed its contract to operate the oil major’s Dedicated Processing Center (DPC) in Pau, southwest France, for five years from January 2020.The two companies have been working in close collaboration at the DPC since 2006, said a press release from the global geoscience technology firm.Through this long-term relationship and CGG’s timely delivery of its innovative technologies and tailored workflows for a variety of environments around the world, the DPC has established a reputation for excellence, especially in 4D processing.Sophie Zurquiyah, CEO, CGG, said: “As a result of our strong partnership, the Pau DPC is fully integrated into Total’s production cycle.

17 Dec 2019

Seabed Geosolutions Sells OBC System

Seabed Geosolutions, the provider of comprehensive ocean bottom seismic (OBS) solutions to the global oil and gas industry, has signed a contract to sell the entirety of its shallow water ocean bottom cable (OBC) recording equipment.The joint venture between Fugro and CGG said that the equipment was used on a recently completed project for Abu Dhabi National Oil Company in the United Arab Emirates. The sale fetched around  US$ 10 million.Stephan Midenet, CEO of Seabed Geosolutions said: "The sale of our last cable-based system completes the transformation of Seabed Geosolutions into a pure ocean bottom node (OBN) company."He added: "We are now largely focused around our Manta suite of technologies…

20 Dec 2018

Damen: Tandem Seismic Vessel Repairs in Amsterdam

Photo: Damen

Sister-ships Oceanic Sirius and Oceanic Vega have completed a round-the-clock, 10-day maintenance program at Damen Shiprepair Amsterdam (DSAm). For eight of those days the two 106-meter vessels were in the yard’s 250-meter drydock no.4 in a tandem arrangement to maximize the efficiency of the yard's resources.The twin SX120 type seismic research vessels were built by Ulstein Verft in Norway are owned by CGG Eidesvik Ship Management AS, a joint venture between Eidesvik Offshore and CGG.

13 Nov 2018

SeaBird Takes Delivery of Seismic Vessel from CGG

Norwegian seismic surveyor SeaBird Exploration said it had taken delivery of the Geowave Voyager from France's CGG, and the vessel has been renamed Eagle Explorer.The vessel was acquired fully rigged with 40km streamer and dual source, for $17 million and a NOK 120 million private placement.As part of the purchase agreement, SeaBird will have a preferred supplier status with CGG when using the Eagle Explorer.SeaBird and CGG have entered into a 160-day contract for the vessel, operating as a source vessel, with options for CGG to extend.The vessel will go to work starting in December, after completing class renewal.

11 Sep 2018

CGG Plans to Delist from the NYSE

Oceanic Sirius deploying streamer spread during offshore seismic survey (image courtesy of CGG)

CGG S.A., an geoscience company providing geological, geophysical and reservoir capabilities, said that the Board of Directors has unanimously approved the voluntary delisting of its American Depositary Shares from the New York Stock Exchange and its voluntary deregistration with the U.S. Securities and Exchange Commission.According to a press release on the matter, CGG said that the costs associated with continuing the listing and registration of its ADSs exceed the benefits received by CGG…

12 Jul 2018

SeaBird Exploration Acquires Geowave Voyager

SeaBird Exploration announced it is in an exclusive process to acquire the seismic vessel Geowave Voyager and certain seismic equipment from Exploration Vessel Resources II AS, a wholly owned subsidiary of CGG S.A., for a cash consideration of $17 million.SeaBird intends to carry out a private placement of new shares in the company raising gross proceeds of minimum NOK 80 million and maximum of NOK 120 million. The subscription price  in the Private Placement will be determined through an accelerated book-building process. The net proceeds from the Private Placement will be used to finance the Transaction and for general corporate purposes.The company is currently in an exclusive process with CGG to acquire the seismic vessel Geowave Voyager…

30 Jan 2018

Mexico's Oil Reform a Boon for Hard-hit Oil Service, Seismic Firms

© flyingrussian / Adobe Stock

Oil service and mapping firms still emerging from an industry recession have received a boost from about $800 million of data sales to energy firms considering bidding for Mexican oil and gas blocks. Mexico will on Wednesday hold its most important auction since a 2013 reform ended the 75-year monopoly on the energy sector held by state-run oil firm Pemex. The government of President Enrique Pena Nieto hopes the deepwater sale will attract tens of billions of dollars of investment to turnaround a slump in the country's oil output. Seven previous auctions drew investment pledges of $61 billion.

02 Oct 2017

CGG Wins Creditor Support for Chapter 11 Plan

CGG SA announces that all creditor classes entitled to vote on the chapter 11 plan proposed in the chapter 11 cases commenced on 14 June 2017 in the US Bankruptcy Court for the Southern District of New York by CGG SA’s 14 main foreign, direct and indirect subsidiaries, each a borrower or guarantor in respect of CGG Group’s funded financial indebtedness, have accepted the plan overwhelmingly. Specifically, all holders who have cast ballots in respect of the Secured Loans, and 97.14% in number and 97.96% in amount of those casting ballots in respect of the Senior Notes, voted in favour of the plan. Reuters reported that CGG has debt in excess of $3 billion…

29 Aug 2017

CGG Starts Seismic Survey Offshore Brazil

Oceanic Champion (Photo: CGG)

CGG said it has started work on Espirito Santo IV, a large BroadSeis 3D multi-client survey in the deep and ultra-deep waters of the Espirito Santo Basin offshore Brazil. The vessel Oceanic Champion is acquiring the survey which is expected to take seven months. This industry-supported survey will cover 10,300 sq km and be processed at CGG’s Rio de Janeiro Subsurface Imaging center. The high-end broadband sequence will include the latest 3D deghosting, Full-Waveform Inversion (FWI) velocity modeling and Tilted Transverse Isotropy (TTI) imaging.

03 Aug 2017

TGS Shares Fall after Q2 Sales Disappoint

Shares of the world's leading provider of geoscience data to oil companies TGS fell by more than 6 percent on Thursday, after disappointing sales in the second quarter. TGS reported $108 million in quarterly revenues, 6 percent below consensus, and compared with $114 million in the second-quarter a year ago. "Part of the problem was that TGS failed to sell more in Brazil, where PGS and CGG did well, or in Mexico, where it had data in the wrong place or it was simply too expensive," Iver Baatvik at ABN-AMRO bank said. The so-called late sales of seismic data were down to $79 million from $84 million a year ago. Peers including Schlumberger, PGS and CGG all reported year-on-year growth in the second quarter.

16 Jun 2017

CGG Files for Bankruptcy

French geosciences giant CGG has filed for bankruptcy as part of financial restructuring process to reduce its $3 billion debt. "CGG has begun legal processes to implement a comprehensive pre-arranged restructuring, with the opening of a safeguard proceeding in France and Chapter 11 and Chapter 15 filings in the US," said a statement from the company. CGG has executed the legally binding agreements in support of the terms of the agreement-in-principle with key financial creditors announced earlier this month. "CGG will continue normal business operations during this process, and the restructuring transactions will not affect relationships with our clients, business partners, vendors or employees," Chief Executive Jean-Georges Malcor said in a statement.

22 Feb 2016

Vallur Appointed Group Vendor Manager, GAC’s Oil & Gas

GAC has reinforced its long-term commitment to the oil & gas industry with the addition of a Group Vendor Manager to its dedicated Oil & Gas team. Based at the Corporate HQ in Jebel Ali, Dubai, Madhu Vallur, oversees third party suppliers and agents GAC works with to support the sector. He is responsible for vetting appointment of freight forwarders, air & ocean charter brokers, specialist equipment suppliers and oil & gas procurement experts to meet the diverse needs of oil & gas companies around the world. He is also charged with ensuring that all appointees meet the same high standards of quality, safety and compliance that are strictly applied to GAC operations worldwide as well as overseeing procurement and supply chains and supporting news GAC oil & gas start-ups.

21 Dec 2015

ISS, CGG Ink Brazil Agency Deal

Inchcape Shipping Services (ISS), the world's leading maritime and logistics service provider, has signed a contract with CGG to provide offshore agency support services for a new oil and gas exploration project in the Barreirinhas Basin in the equatorial margin of northern Brazil. As a specialist geoscience company, CGG is conducting the multi-client seismic project, which will be the oil and gas industry’s first regional broadband survey of the Barreirinhas basin. ISS will provide a range of services for the Barreirinhas project including port agency, crew transfer, visa assistance and cargo services. CGG is deploying its specialized seismic vessel, the Oceanic Vega, to acquire the 14,500-km² 3D seismic survey.

18 Nov 2015

Ulstein’s X-BOW Turns 10

subsea vessel  Island Performer (Photo: Ulstein)

While new designs often grab headlines, mature designs that have enjoyed success are perhaps better indicators of true progress in marine technology. When the Ultstein X-Bow made its debut 10 years ago, some scoffed at the unusual design characteristics. They laugh no more, as the Ultstein X-Bow hull line design turns 10. Now in its tenth year, the 100th X-BOW shipbuilding contract was signed, and the X-BOW’s derivative, the X-STERN – a similar solution for the ship’s stern – has been contracted on its first two vessels.

07 Aug 2015

JV for 3D seismic in Arctic

Paris-listed seismic giant CGG and Russia's largest shipowner, SCF Group (Sovcomflot), have formally registered a joint-venture company focused on coldwater  surveys, reports Interfax. The joint venture, to be called Arctic Geophysical Exploration (AGE), will be 51 per cent owned by Sovcomflot and 49 per cent owned by CGG. The company will be incorporated in Russia with its headquarters in Moscow. CGG and Sovcomflot will have a combined total of four vessels scheduled to operate on client projects during the 2014 Arctic navigation season and expect the joint venture to be fully operational by Q4 2014 in order to capture the growing 3D seismic market in this region. Alexander Dolgachev is the general director.

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