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

CGG to get rid of vessels

CGG is making a major strategic shift by entering an asset-light model by reducing CGG’s exposure to the data acquisition business.

CGG has made the decision to transform intoan asset-light model by reducing CGG’s exposure to the data acquisition business, which has been impacted over the years by structural industry overcapacity, lack of differentiation, commodity pricing and a heavy fixed cost base.

CGG therefore plans to carry out the following strategic changes in compliance with all legal requirements.

  • Marine:
  • – Adjust to a 3-vessel fleet in 2019.
  • – Find a strategic partnership to cost efficiently operate and control the vessels.
  • Land: exit the market after a wind-down period.
  • Multi-Physics: market for sale, and monetize when suitable.

Press release.

 

 

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