|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]
What if you could build a web application that could support true web-scale traffic without having to ever provision or manage a single server? Sounds magical, and it is! In his session at 20th Cloud Expo, Chris Munns, Senior Developer Advocate for Serverless Applications at Amazon Web Services, will show how to build a serverless website that scales automatically using services like AWS Lambda, Amazon API Gateway, and Amazon S3. We will review several frameworks that can help you build serverle...
Mar. 23, 2017 12:00 AM EDT Reads: 1,110
In his General Session at 17th Cloud Expo, Bruce Swann, Senior Product Marketing Manager for Adobe Campaign, explored the key ingredients of cross-channel marketing in a digital world. Learn how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects).
Mar. 22, 2017 11:00 PM EDT Reads: 2,918
SYS-CON Events announced today that Hitrons Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Hitrons Solutions Inc. is distributor in the North American market for unique products and services of small and medium-size businesses, including cloud services and solutions, SEO marketing platforms, and mobile applications.
Mar. 22, 2017 10:15 PM EDT Reads: 3,234
With the introduction of IoT and Smart Living in every aspect of our lives, one question has become relevant: What are the security implications? To answer this, first we have to look and explore the security models of the technologies that IoT is founded upon. In his session at @ThingsExpo, Nevi Kaja, a Research Engineer at Ford Motor Company, will discuss some of the security challenges of the IoT infrastructure and relate how these aspects impact Smart Living. The material will be delivered i...
Mar. 22, 2017 10:15 PM EDT Reads: 1,694
For organizations that have amassed large sums of software complexity, taking a microservices approach is the first step toward DevOps and continuous improvement / development. Integrating system-level analysis with microservices makes it easier to change and add functionality to applications at any time without the increase of risk. Before you start big transformation projects or a cloud migration, make sure these changes won’t take down your entire organization.
Mar. 22, 2017 10:15 PM EDT Reads: 3,185
Historically, some banking activities such as trading have been relying heavily on analytics and cutting edge algorithmic tools. The coming of age of powerful data analytics solutions combined with the development of intelligent algorithms have created new opportunities for financial institutions. In his session at 20th Cloud Expo, Sebastien Meunier, Head of Digital for North America at Chappuis Halder & Co., will discuss how these tools can be leveraged to develop a lasting competitive advanta...
Mar. 22, 2017 09:30 PM EDT Reads: 2,289
Your homes and cars can be automated and self-serviced. Why can't your storage? From simply asking questions to analyze and troubleshoot your infrastructure, to provisioning storage with snapshots, recovery and replication, your wildest sci-fi dream has come true. In his session at @DevOpsSummit at 20th Cloud Expo, Dan Florea, Director of Product Management at Tintri, will provide a ChatOps demo where you can talk to your storage and manage it from anywhere, through Slack and similar services ...
Mar. 22, 2017 06:15 PM EDT Reads: 3,924
VeriStor Systems has announced that CRN has named VeriStor to its 2017 Managed Service Provider (MSP) 500 list in the Elite 150 category. This annual list recognizes North American solution providers with cutting-edge approaches to delivering managed services. Their offerings help companies navigate the complex and ever-changing landscape of IT, improve operational efficiencies, and maximize their return on IT investments. In today’s fast-paced business environments, MSPs play an important role...
Mar. 22, 2017 05:45 PM EDT Reads: 1,790
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
Mar. 22, 2017 04:30 PM EDT Reads: 800
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...
Mar. 22, 2017 03:45 PM EDT Reads: 1,146
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
Mar. 22, 2017 03:30 PM EDT Reads: 789
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
Mar. 22, 2017 03:15 PM EDT Reads: 534
My team embarked on building a data lake for our sales and marketing data to better understand customer journeys. This required building a hybrid data pipeline to connect our cloud CRM with the new Hadoop Data Lake. One challenge is that IT was not in a position to provide support until we proved value and marketing did not have the experience, so we embarked on the journey ourselves within the product marketing team for our line of business within Progress. In his session at @BigDataExpo, Sum...
Mar. 22, 2017 02:45 PM EDT Reads: 2,219
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
Mar. 22, 2017 02:15 PM EDT Reads: 2,162
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
Mar. 22, 2017 02:00 PM EDT Reads: 850