|By Marketwired .||
|January 28, 2013 02:37 AM EST||
PARIS -- (Marketwire) -- 01/28/13 --
* A New Identity for the Group
* The Transformation of CGG into a Leading Integrated Geoscience Group
* A Three-Division Organization
* The creation of the Joint Venture "Seabed Geosolutions"
CGG announced today that the main agreements needed to close the acquisition of Fugro's Geoscience Division have been signed. The effective date of the closing will be January 31(st), 2013, with the exception of the airborne activity and certain minor assets which will be contributed later, once all operating licenses and administrative authorizations have been received.
The Group has simplified its brand name from CGGVeritas to CGG. The Group is now organized around three Divisions: Equipment, Acquisition and Geology, Geophysics & Reservoirs (GGR).
With this transformative acquisition, CGG establishes a leading position in the high-tech integrated geology & geophysics and reservoir characterization market while strengthening and extending its existing businesses. CGG becomes a fully integrated Geoscience group, with less cyclical and low capital intensive businesses. The agreement also includes strategic partnerships:
* The creation of a Joint-Venture, Seabed Geosolutions, a focused global leader in the rapidly growing Seabed acquisition market, which is 60%-owned by Fugro and 40% by CGG.
* A marketing and selling Multi-Client agreement for CGG to sell Fugro's existing 3D data, which remains owned by Fugro.
* A global strategic technical and commercial mutual preferred supplier agreement.
Jean-Georges Malcor, Chief Executive Officer of CGG said: "The acquisition of Fugro's Geoscience division will be completed by January 31, 2013 and I would first like to warmly welcome our 2,500 new talented colleagues into the Group.
We have a strengthened asset base, increased resources and enhanced capabilities. The addition of Fugro's activities and technologies, including Jason and Robertson, significantly enhance our integrated Geoscience capabilities. It also strengthens our core activities in equipment, imaging, and acquisition, particularly in marine with the addition of four high-end 3D vessels. Moreover, we expand into new markets such as airborne geophysics, marine gravity, electromagnetic and Data Management Services.
We are creating an exciting new Group to better serve our clients. Our three new Divisions (Equipment - Acquisition - Geology, Geophysics & Reservoir) cover better the exploration to production value chain. This presents us with many opportunities to create value for our shareholders, our clients, our colleagues and our partners.
As we are entering in a new era, the brand name of the Group is changing and is simplified to CGG. This new brand identity enables us to capitalize on our historic roots while also leading the way to the future.
We now have a group of nearly 10,000 people from all around the world, who are passionate about geoscience and working together to deliver the best solutions to our clients. It will help us create a stronger and more sustainable business for the future. "
Financing of the Transaction
Taking into account the estimate of the acquired Working Capital as of the Closing date and the amount due by Fugro to reach a 60% shareholding in the Seabed Geosolutions JV, the net cost of the transaction amounts to EUR975m.
It is financed with the net proceeds of the EUR414 million capital increase with a Rights Issue we made in October 2012, with the net proceeds of the EUR360 million convertible bonds we issued in November 2012, and with a vendor loan from Fugro which was agreed upon to achieve a rapid closing. This vendor loan amounts to EUR125 million at the Closing date, to be extended to EUR225m at the date of effective acquisition of the airborne activity.
A New Brand Identity for the Group
To capitalize on our heritage while developing and leading the way to the future, the Group has simplified its name to CGG. This new brand is international, easy to say and is known by the industry. It will be used immediately.
For the time being, the current legal name of the listed company remains "Compagnie Générale de Géophysique - Veritas". The update of the current legal name to "CGG" will be submitted by the Board of Directors for approval at the next shareholders' meeting on May 3, 2013.
As of February 1(st), 2013, the Group will have "CGG" as a new and unique ticker symbol on the Euronext Paris SA and the New York Stock Exchange.
The logo, strongly recognized and appreciated, is modernized to better reflect the Group's high-tech and market-leading positions.
Along with this new brand identity, the Group's Mission, Vision & Values have evolved and been simplified to accurately reflect CGG's DNA and aspirations within a single culture, a common purpose and shared future ambition.
CGG's Mission: To create value by optimizing the discovery and the development of natural resources
CGG's Vision: To be the geoscience partner of choice
CGG's Values: Powered by people, around the world, we
.have a passion for innovation
.operate safely and with integrity
in order to deliver sustainable performance
A Three-Division Organization
As a global integrated Geosciences group, CGG is from now on, in line with its strategy and businesses, organized around three Divisions: Equipment, Acquisition and Geology, Geophysics & Reservoirs (GGR).
* The Equipment division includes Sercel business entities as well as Optoplan, Metrolog, GRC and De Regt.
* The Acquisition division is made up of Marine Acquisition, Land Acquisition and Airborne Acquisition (once contributed) and includes General Geophysics, Electromagnetic and Gravity & Magnetic services.
* The GGR division includes: Multi-Client and New Ventures, Processing & Imaging, Jason and Hampson-Russell (Reservoir Characterization), Robertson (Exploration & Geology), Data Management Services.
Creation of a Strategic Joint Venture in Seabed Acquisition Services
Seabed Geosolutions is a focused global leader in the rapidly growing Seabed acquisition market. The joint venture is 60%-owned by Fugro and 40% by CGG. CGG contributed its Shallow Water, Ocean Bottom Cable and Permanent Reservoir Monitoring services along with its Ocean Bottom Node business. Fugro contributed its Ocean Bottom Node business.
CGG (www.cgg.com) is a fully integrated Geoscience company providing leading geological, geophysical and reservoir capabilities to its broad base of customers primarily from the global oil and gas industry. Through its three complementary business divisions of Equipment, Acquisition and Geology, Geophysics & Reservoir (GGR), CGG brings value across all aspects of natural resource exploration and exploitation. CGG employs 10,000 people around the world, all with a Passion for Geoscience and working together to deliver the best solutions to its customers. CGG is listed on the Euronext Paris SA (ISIN: 0000120164) and the New York Stock Exchange (in the form of American Depositary Shares. NYSE: CGV).
 The group has simplified its brand name from CGGVeritas to CGG. For the time being, the current legal name of the listed company remains "Compagnie Générale de Géophysique - Veritas". The update of the current legal name to "CGG" will be submitted by the Board of Directors for approval at the next shareholders' meeting on May 3, 2013.
Press Release pdf version: http://hugin.info/142000/R/1673479/544813.pdf
This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: CGGVeritas via Thomson Reuters ONE [HUG#1673479]
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises ar...
Jul. 4, 2015 02:00 PM EDT Reads: 880
SYS-CON Events announced today that Harbinger Systems will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Harbinger Systems is a global company providing software technology services. Since 1990, Harbinger has developed a strong customer base worldwide. Its customers include software product companies ranging from hi-tech start-ups in Silicon Valley to leading product companies in the US a...
Jul. 4, 2015 02:00 PM EDT Reads: 1,858
Live Webinar with 451 Research Analyst Peter Christy. Join us on Wednesday July 22, 2015, at 10 am PT / 1 pm ET In a world where users are on the Internet and the applications are in the cloud, how do you maintain your historic SLA with your users? Peter Christy, Research Director, Networks at 451 Research, will discuss this new network paradigm, one in which there is no LAN and no WAN, and discuss what users and network administrators gain and give up when migrating to the agile world of clo...
Jul. 4, 2015 02:00 PM EDT Reads: 958
Agile, which started in the development organization, has gradually expanded into other areas downstream - namely IT and Operations. Teams – then teams of teams – have streamlined processes, improved feedback loops and driven a much faster pace into IT departments which have had profound effects on the entire organization. In his session at DevOps Summit, Anders Wallgren, Chief Technology Officer of Electric Cloud, will discuss how DevOps and Continuous Delivery have emerged to help connect dev...
Jul. 4, 2015 01:30 PM EDT Reads: 1,205
"We help to transform an organization and their operations and make them more efficient, more agile, and more nimble to move into the cloud or to move between cloud providers and create an agnostic tool set," noted Jeremy Steinert, DevOps Services Practice Lead at WSM International, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
Jul. 4, 2015 01:00 PM EDT Reads: 885
SYS-CON Events announced today that Secure Infrastructure & Services will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Secure Infrastructure & Services (SIAS) is a managed services provider of cloud computing solutions for the IBM Power Systems market. The company helps mid-market firms built on IBM hardware platforms to deploy new levels of reliable and cost-effective computing and hig...
Jul. 4, 2015 01:00 PM EDT Reads: 910
"AgilData is the next generation of dbShards. It just adds a whole bunch more functionality to improve the developer experience," noted Dan Lynn, CEO of AgilData, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
Jul. 4, 2015 12:45 PM EDT Reads: 1,002
"We have a tagline - "Power in the API Economy." What that means is everything that is built in applications and connected applications is done through APIs," explained Roberto Medrano, Executive Vice President at Akana, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
Jul. 4, 2015 12:30 PM EDT Reads: 1,230
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding bu...
Jul. 4, 2015 12:30 PM EDT Reads: 907
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the ...
Jul. 4, 2015 12:15 PM EDT Reads: 841
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and Containers together help companies to achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of...
Jul. 4, 2015 12:00 PM EDT Reads: 2,427
"What Dyn is able to do with our Internet performance and our Internet intelligence is give companies visibility into what is actually going on in that cloud," noted Corey Hamilton, Product Marketing Manager at Dyn, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
Jul. 4, 2015 12:00 PM EDT Reads: 988
The basic integration architecture, as defined by ESBs, hasn’t changed for more than a decade. Most cloud integration providers still rely on an ESB architecture and their proprietary connectors. As a result, enterprise integration projects suffer from constraints of availability and reliability of these connectors that are not re-usable across other integration vendors. However, the rapid adoption of APIs and almost ubiquitous availability of APIs amongst most SaaS and Cloud applications are ra...
Jul. 4, 2015 12:00 PM EDT Reads: 927
Discussions about cloud computing are evolving into discussions about enterprise IT in general. As enterprises increasingly migrate toward their own unique clouds, new issues such as the use of containers and microservices emerge to keep things interesting. In this Power Panel at 16th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the state of cloud computing today, and what enterprise IT professionals need to know about how the latest topics and trends affect t...
Jul. 4, 2015 11:45 AM EDT Reads: 1,457
The most often asked question post-DevOps introduction is: “How do I get started?” There’s plenty of information on why DevOps is valid and important, but many managers still struggle with simple basics for how to initiate a DevOps program in their business. They struggle with issues related to current organizational inertia, the lack of experience on Continuous Integration/Delivery, understanding where DevOps will affect revenue and budget, etc. In their session at DevOps Summit, JP Morgenthal...
Jul. 4, 2015 11:00 AM EDT Reads: 987