Shareholder Information

Shareholder Information

A resized group to weather the crisis.

What steps has CGG taken to weather this crisis?

In 2015, the CGG Group reported a high net loss, highlighting the difficulty of our market and the non-recurring charges we incurred as a result of our strategic repositioning. Nevertheless, free cash flow generation improved significantly compared to 2014, underlining our consistent efforts to save cash throughout the year. From the end of 2013, we launched a far-reaching cost-savings plan that we accelerated in 2015. Over a two-year period, we have reduced marine data acquisition costs by 64% and cut overheads by 54%. We have reduced our headcount, which stood at 11,000 at the end of 2013, by 34% by year end 2015.

Jean-Georges Malcor Jean-Georges Malcor, CEO, CGG

What is the aim of your Strategic Transformation Plan?

Its aim is to rebalance our portfolio of activities and to improve our ability to generate cash and make us less sensitive to the cyclical nature of our industry by reducing our exposure to capital-intensive activities. The share of contractual seismic data acquisition activities in our overall revenue will therefore fall to less than 15%. We are now only operating five vessels in our fleet compared to 18 at the end of 2013 and the fleet will focus its operations on our multi-client activities. The activities of our Geology, Geophysics & Reservoir (GGR) segment will, by contrast, represent over 60% of total revenue.

What are the activities of the GGR segment?

In addition to our multi-client activity based on our library of seismic images that we own and license to clients, we are also active in subsurface imaging and reservoir characterization. For this, GGR employs more than 3,000 engineers who produce and interpret seismic images, develop software and specialized applications and provide a significant geoscience consultancy activity.

How do you view CGG’s prospects?

Our aim is to build a rebalanced geoscience group that is firmly anchored in its unique and high-tech positions in Equipment, Imaging-Reservoir and high-end Data Acquisition. Here I would like to pay tribute to the way in which our employees have mobilized in the face of the current much deteriorated market conditions to better serve our clients and overcome their new challenges.

Jean-Georges Malcor
Chief Executive Officer

Who We Are - Organization & Leadership

Organization & Leadership

Learn how CGG's leaders and governance allow for successful operations.

Who We Are - Our Activities

Our Activities

In all environments, we acquire, process and interpret surveys that provide our clients with a comprehensive understanding of subsurface targets and their geological settings.

Who We Are - Technology & Innovation

Technology & Innovation

Our range of geoscience experience is unparalleled and leads us to invent and perfect technology and techniques unlike any other.