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Last $7.55 USD
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As of 8:10 PM 05/4/15 All times are local (Market data is delayed by at least 15 minutes).

cgg (CGPVF) Snapshot

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12/4/14 - $10.44
52 Week Low
03/31/15 - $5.55
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cgg (CGPVF) Details

CGG, a geoscience company, provides geological, geophysical, and reservoir services to the oil and gas exploration and production industry in North America, the Central and South Americas, Europe, Africa, the Middle East, and the Asia Pacific. The company’s Acquisition segment offers geophysical acquisition services, including land, marine, airborne, and seabed. This segment provides marine seismic 2D and 3D, marine seismic contract data acquisition and multi-client surveys, and marine gravity and bathymetry data processing services. As of December 31, 2014, this segment had a fleet of 13 3D high capacity vessels, 2 source vessels, and 1 3D/2D vessel of lower capacity. This segment is also involved in the acquisition and onsite processing of seismic data acquired on land areas; and the acquisition, processing, and interpretation of airborne geophysical data on land or offshore. Its Geology, Geophysics & Reservoir segment develops and licenses multi-client seismic surveys; processes seismic data; sells seismic data processing and reservoir characterization software under the geovation, Hampson-Russell, Jason, and Insight Earth brands; provides geoscience and petroleum engineering consulting services, and data management services and software; and collects, develops, and licenses geological data. The company’s Equipment develops, produces, and sells seismic equipment in the land and marine seismic markets, as well as offers customer support services, such as training. This segment offers geophysical equipment for seismic data acquisition, including seismic recording equipment, software, and seismic sources for land or marine, as well as supplies integrated solutions to its clients. The company was formerly known as Compagnie Générale de Géophysique — Veritas SA and changed its name to CGG in 2013. CGG was founded in 1931 and is headquartered in Paris, France.

8,540 Employees
Last Reported Date: 04/14/15
Founded in 1931

cgg (CGPVF) Top Compensated Officers

Chief Executive Officer, Director and Member ...
Total Annual Compensation: €863.1K
Chief Financial Officer, Senior Executive Vic...
Total Annual Compensation: €557.1K
Senior Executive Vice President of Equipment ...
Total Annual Compensation: €546.4K
Compensation as of Fiscal Year 2014.

cgg (CGPVF) Key Developments

CGG Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Provides Capital Expenditure Guidance for the Year 2015

CGG announced unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company has posted operating revenues of USD 569.5 million against USD 806.2 million a year ago. Total income from ordinary activities was USD 569.9 million against USD 806.6 million a year ago. Operating Income was USD 0.7 million against USD 34.5 million a year ago. Loss of consolidated companies before income taxes was USD 46.3 million against USD 10.6 million a year ago. Net loss was USD 54.5 million against USD 39.0 million a year ago. Net loss attributable to owners of the company was USD 55.5 million against USD 40.4 million a year ago. Diluted net loss per share was USD 0.31 against USD 0.23 a year ago. Net cash provided by operating activities was USD 90.8 million against USD 117.8 million a year ago. EBITDA was at USD 145. Negative free cash flow was USD 20 million versus USD 151 million last year. EBIT after NRC was USD 2 million against USD 18 million a year ago. Group net debt was USD 2.386 billion. Total revenues were down 29% year-on-year. The decrease was clearly driven by the perimeter effect for roughly half of it and the other half coming from market conditions, which embeds volume effect, utilization and price condition across the 3 divisions. Total CapEx at USD 110 million were down 56% year-on-year and 30% sequentially. Multi-client cash CapEx at USD 71 million were cut by half year-on-year. Additional CapEx at USD 27 million were cut by 2/3, showing that have put in place a very strict monitoring of spending. And R&D CapEx were low at USD 12 million. On these bases and without compromising not its future, nor its operations, the company has decided to cut further CapEx in 2015 by USD 50 million, which means that CapEx will be coming down by approximately 30% compared to 2014. And this CapEx will be further reduced USD 250 million to USD 275 million, and multi-client cash CapEx will be reduced to USD 350 million to USD 400 million with still a prefunding rate above 70%.

CGG and Air Control Sign Agreement to Provide Airborne Geophysical Survey Services in Kazakhstan

CGG and Air Control announced the signing of an agreement to provide airborne geophysical survey services in Kazakhstan. This agreement will allow Air Control to offer the full suite of CGG airborne geophysical technologies for subsurface exploration to oil & gas and mining clients in Kazakhstan. Air Control performs flight inspection services at all of Kazakhstan's airports, offers aerial imagery and terrain elevation data using the latest laser scanner equipment and provides technical and management support to various aviation operators.

CGG Proposes Amendment of its Articles of Association

CGG proposed the amendment of section 14-2 and section 14-6 of the articles of association of the company in the extraordinary general meeting to be held on May 29, 2015.


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