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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  CGG    CGG   FR0013181864

CGG

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CGG: CGG Awarded Large Offshore Malaysia Seismic Reprocessing Contracts by PTTEP

11/17/2020 | 01:30am EST

 CGG: CGG Awarded Large Offshore Malaysia Seismic Reprocessing Contracts by PTTEP

Paris, November 17, 2020

Subsurface Imaging, part of CGG’s Geoscience division, has been awarded two large-scale complex seismic reprocessing contracts by PTTEP.

PTTEP is investing in the rejuvenation of pre-existing data sets from two regions offshore Malaysia by leveraging CGG’s recognized high-end imaging technology and long-standing processing experience in SE Asia. Over the course of the next year, CGG, through its offices in Kuala Lumpur, will conduct merged reprocessing of surveys from many vintages, including towed-streamer and OBC seismic data from offshore Sabah and Sarawak. The fast-track products are expected by mid-next year and final workstation products will be delivered by the end of 2021.

PTTEP expects the resulting high-quality images will improve the definition of producing reservoirs, enable enhanced planning and drilling of future wells, and open up new plays for near-field exploration at deeper intervals. This region has a complex highly faulted subsurface where scattered gas bodies mask the target reservoir on existing data sets. To unmask the gas wipeout, remove distortions at the reservoir level and image the bounding faults, CGG will apply its latest workflow including proprietary imaging technologies, such as high-frequency full-wavefield Time-Lag FWI (HF-FWI), Q-compensating least-squares (LS-Q) Kirchhoff PSDM and LS-Q RTM, which have been fine-tuned over many similar projects in the region. These technologies will also be focused to improve imaging of the deeper exploration targets, where the objective is to improve amplitude, resolution and continuity in the mini-basins and define the steeply dipping folds underneath the main unconformity.

Sophie Zurquiyah, CEO, CGG, said: “CGG is pleased to support PTTEP, a longstanding CGG client and key player in Malaysia and the wider region, who recognizes the additional value that can be extracted from existing data sets if they are processed with our very latest imaging algorithms. CGG continues to be the industry benchmark for delivering advanced seismic imaging technology and the highest-quality service to help clients solve their complex imaging problems in order to improve production, de-risk development of existing reservoirs and identify new prospects.”

About CGG

CGG (www.cgg.com) is a global geoscience technology leader. Employing around 4,000 people worldwide, CGG provides a comprehensive range of data, products, services and equipment that supports the discovery and responsible management of the Earth’s natural resources. CGG is listed on the Euronext Paris SA (ISIN: 0013181864).

Contacts

Group Communications & Investor Relations
Christophe Barnini
Tel: + 33 1 64 47 38 11
E-Mail: christophe.barnini@cgg.com

 
 

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Financials (USD)
Sales 2020 931 M - -
Net income 2020 -340 M - -
Net Debt 2020 977 M - -
P/E ratio 2020 -2,23x
Yield 2020 -
Capitalization 756 M 756 M -
EV / Sales 2020 1,86x
EV / Sales 2021 1,71x
Nbr of Employees 4 564
Free-Float 95,7%
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Mean consensus OUTPERFORM
Number of Analysts 11
Average target price 1,36 $
Last Close Price 1,06 $
Spread / Highest target 129%
Spread / Average Target 28,1%
Spread / Lowest Target -33,0%
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Managers and Directors
NameTitle
Sophie Zurquiyah-Rousset Chief Executive Officer & Director
Philippe Salle Chairman
Yuri Baidoukov Group Chief Financial Officer & Treasurer
Don Pham Head-Research & Technology
Chu Ong Ting Chief Technology Officer
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