CGG exits marine seismic acquisition business, kicks off marine streamer JV

CGG announced that it has completed its exit from the marine seismic acquisition business. CGG anticipates Q4 2019 segment Group revenue at $393 million. CGG announced that it is completing its exit from the seabed data acquisition business. CGG has completed JumpStart multi-client geoscience packages for the North West Shelf (NWS) of Australia.

It following the earlier wind-down of its land seismic acquisition activities. CGG announced today a program to deliver the largest OBN multi-client survey ever conducted in the UK Central North Sea (CNS). CGG has established a Regional Geoscience Center in Abu Dhabi to deliver geophysical, geological.

CGG closed its strategic partnership transaction for marine seismic acquisition services with Shearwater GeoServices. CGG Subsurface Imaging, part of CGG’s Geoscience division, has delivered state-of-the-art broadband 4D seismic results ahead of schedule from BP. CGG announced that its Geoscience division has completed, five months early.

This transaction fundamentally covers the purchase by Shearwater of five high-end streamer vessels. CGG GeoSoftware, part of CGG’s Geoscience division, has announced that machine learning technology in Python ecosystems will be available. CGG announced that Sercel has launched WiNG, a fully integrated wireless nodal acquisition system.

“In 2019, we executed key milestones of our 2021 strategy” said Sophie Zurquiyah, CEO of CGG.

Through the acquisition of Global Seismic Shipping AS, jointly owned by CGG Marine Resources Norge AS and Eidesvik Offshore ASA. CGG anticipates Geoscience fourth quarter 2019 segment revenue around $105 million, sequentially up 11%. In line with its strategy to exit the data acquisition business, CGG has agreed to transfer its 40% shareholding in Seabed Geosolutions.

The purchase of associated streamer equipment owned by CGG Group. The study’s main objective was to identify resource growth potential in the mature, onshore Partitioned Zone (PZ). It combines optimum field operational efficiency with the highest level of data quality available. The mutual commitments to secure CGG’s access to strategic vessel capacity for future multi-client projects.

Fugro before the end of the first quarter of 2020 and to conclude before year-end 2019. The prospecting and remaining resource assessment study was conducted by CGG Geoscience’s Houston team. It already attracting considerable industry interest in GeoSoftware’s PowerLog petrophysical software.

CGG said that the creation of a joint venture under the Sercel brand for the research and development, manufacturing, commercialization. With this move, CGG is bringing its integrated geoscience offering for exploration, field development and production. The co-located team worked together to integrate recently acquired and processed 3D seismic data.

It support of marine streamer seismic acquisition equipment is progressing well. It support the most precise imaging needs of the land seismic industry. It expected to be finalized during the first half of 2020. The survey has already received significant industry interest and is being prefunded in part by BP.

CEo says “We are delighted to enter into this strategic partnership with Shearwater”.

It optimize directly to the doorstep of national and independent oil companies in the region. CGG’s existing Abu Dhabi center has almost doubled in size to welcome the arrival of a team. It covering the entire onshore PZ, with multiple geological, petrophysical and production data. Python ecosystems allow users to efficiently research and test various state-of-the-art machine learning workflows.

It exit from marine and seabed acquisition businesses and the wind down of land acquisition operations. This achievement builds on previous 4D seismic processing projects undertaken for BP Angola. Scripts and workflows directly access well, horizon and seismic data for use in machine learning. JumpStart packages mobilize the full suite of CGG’s geoscience capabilities to accelerate.

CGG is a leading geoscience company recognized for delivering high-end, high-value multi-client data sets. Clients can now enjoy local access to experienced carbonate sedimentologists. CGG is uniquely qualified to launch the landmark program and bring new understanding to the complex CNS region. CGG anticipates in 2019 significant positive net cash flow above its expectations.

The enhanced imaging volumes from the Greater Plutonio development in the Lower Congo Basin were delivered four weeks early. The NWS JumpStart package encompasses the Northern Carnarvon, Roebuck, Browse and Bonaparte basins. Faster than expected completion of this workflow, which included the latest advanced proprietary deghosting.

The new study fills key knowledge gaps regarding the region’s Triassic paleogeography and petroleum systems. CGG is reaffirming its commitment to an important region where it currently has a high level of activity. G&G experts and data scientists can use Ecosystem workflows pre-built by CGG. Company look forward to finalizing the creation of marine streamer equipment JV under the Sercel brand.

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