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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  CGG    CGG   FR0013181864

CGG

(CGG)
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CGG: CGG Completes Multi-Client OBN Cornerstone 2020 survey

11/26/2020 | 01:30am EST

CGG Completes Multi-Client OBN Cornerstone 2020 survey

Paris, November 26, 2020

CGG and Magseis Fairfield announced today their completion of the 2020 acquisition of the largest OBN survey ever acquired in the North Sea. The OBN Cornerstone 2020 multi-client survey in the UK Central North Sea commenced in March 2020 and has already received significant industry interest and prefunding. Approximately 1,650 km² of long-offset, full-azimuth data have been acquired, with first images being made available in early 2021 and final PSDM data planned for release in Q4 2021. Further extensions of the OBN Cornerstone survey are being considered for 2021.

Covering two highly prospective areas of the UK Continental Shelf, the OBN Cornerstone 2020 survey project represented a total of 813,000 man-hours with zero Lost Time Incidents (LTIs). Survey deliverables will benefit from CGG’s best-in-class OBN processing and advanced imaging technologies, providing a step-change in seismic imaging quality and reservoir characterization detail and bringing new insight to aid continued development of plays and existing fields in the Central North Sea region.

This survey is specifically designed to address the challenges associated with deeper, higher-risk Jurassic and Triassic plays, typically under high-pressure, high-temperature conditions, and the presence of complex structural processes associated with Permian salt movement. The combination of full-azimuth imaging, additional fold and near-offset data will result in significant improvement of deep illumination and noise removal, while helping to illuminate and image the steep flanks and complex architecture created by salt diapirism.

Sophie Zurquiyah, CEO, CGG, said: “We are pleased to announce completion of the acquisition of our OBN Cornerstone 2020 survey and would like to congratulate both the CGG and Magseis Fairfield teams for the excellent operational and HSE performance, especially within the current Covid-19 context. The new high technology data set will complement CGG’s extensive high-quality Cornerstone towed-streamer data library, providing our clients with the best available information to de-risk the awarded blocks from the UK 32nd License Round and support the UK Oil & Gas Authority’s strategy for Maximizing Economic Recovery.”

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%
EPS Revisions
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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