CGG to implement a new Strategic Phase:
Rebalance its portfolio of activities and Improve profitability and cash generation
2013 EBIT revised down to $400m-$420m Award of three large projects offshore BrazilPARIS, Dec. 17, 2013 (GLOBE NEWSWIRE) -- During its Capital Market Day hosted today in Paris for investors and analysts, CGG presented the latest phase in its strategic roadmap which will be fully implemented by the end of 2016. CGG's activities are closely correlated with the long-term exploration and production trends of our Oil and Gas company clients. The geological and geophysical challenges they face require new Geoscience solutions. From the very early exploration phase to the optimization of existing reservoirs, and throughout the entire development and production cycle, the demand for improved understanding of complex subsurface structure is increasing. This requires higher technology content, higher resolution, better illumination, and overall better imaging. In such a market environment, the CGG Group, with its assets, expertise, people and track record, is now firmly established on the three solid technological pillars represented by its Equipment, Acquisition and GGR (Geology, Geophysics & Reservoir) divisions. CGG benefits from its unique scope of Geoscience activities, the unrivalled expertise of its imaging teams, its modern worldwide fleet of recently built, high-capacity vessels, the cutting-edge leadership of SERCEL on the Equipment market, and its strong commercial positions in key multi-client areas. CGG is therefore ideally positioned to capitalize on its unique integrated portfolio and to meet its customers' needs for innovative products and services and for global solutions, as achieved recently with BroadSeis and StagSeis and now with SERCEL's 508 XT land acquisition system. In line with the strategic rationale behind our move to integrate Fugro's Geoscience activities, CGG's priorities remain focused on the promotion of high-end solutions, through technological differentiation and transverse Geoscience knowledge, on the rebalancing of our asset portfolio towards less capital-intensive activities and on a continued improvement in our operational efficiency, profitability and cash generation. CGG will also seek to develop a long-term presence in key geographical markets, strengthened, when possible, with long-term partnerships.