CGG (company)

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Compagnie Générale de Géophysique S.A.
Type Société Anonyme
Traded as
Industry Oil services
Founded 1931
Headquarters Tour Montparnasse, Paris, France
Area served Global
Key people Robert Brunck (Chairman), Jean-Georges Malcor (CEO)
Products Geophysical services
Revenue 2.186 billion (2010)1
Operating income €67.2 million (2010)1
Profit Decrease (€54.6 million) (2010)1
Total assets €5.324 billion (end 2010)1
Total equity €2.870 billion (end 2010)1
Employees 9,800 (end 2010)1
Website www.cgg.com

CGG (originally an acronym for Compagnie Générale de Géophysique) is a French-based geophysical services company founded in 1931. Following its merger with Veritas DGC Inc. in January 2007, it became known as CGGVeritas (Compagnie Générale de Géophysique-Veritas) until January 2013 when the company changed its legal name back to CGG2 with the closing of the acquisition of Fugro's Geoscience Division. CGG is no longer an acronym, but the official company name.

History

CGG

CGG was founded in 1931 by Conrad Schlumberger and acquired its first seismic survey in 1932. In 1966, CGG opened its first seismic data processing center in Massy, France.

In 1926, Conrad Schlumberger, and his brother Marcel Schlumberger, formed Société de Prospection Electrique (SPE) which specialized in oil and coal exploration as well as civil engineering.

In March 1931, SPE and Société Géophysique de Recherches Minières (SGRM), both specialists in seismology and magnetometry, merged into La Compagnie Générale de Géophysique. SGRM provided 5,000,000 francs of capital and CGG capital of 120,000 francs. In his premises at 30 rue Fabert, in Paris, Conrad Schlumberger decided to transfer the subsurface business to CGG while SPE retained the logging. At the same time, Raymond Maillet from SGRM was appointed President of CGG.

The first two years of business for CGG were shaky. Near-surface surveys (hydrology, mining and civil engineering) and oil exploration were not enough to break even in a period when oil was worth 10 cents a barrel.

Veritas DGC

Veritas Energy Services, a geophysical services company, was established in 1974 in Calgary, Canada with the purchase of Rafael B. Cruz and Associates Ltd. by David B. Robson.

Meanwhile, Digital Consultants Inc. had been established in Houston, Texas in 1965 with a vision to apply digital computing to the geophysical industry. In 1969, Digital Consultants reincorporated as Digicon Inc. (DGC), becoming a public company on the American Stock Exchange.

In 1996, Veritas DGC was formed from the merger of Veritas and Digicon.

Mergers & Acquisitions

In 2007, CGG took over Veritas DGC and changed its name to CGGVeritas.3 CGGVeritas then acquired Wavefield Inseis, a Norwegian marine competitor, in 2009. In 2013, CGGVeritas acquired Fugro’s Geoscience Division and changed its name back to CGG,2 becoming a fully integrated geoscience company with a total workforce of over 9,800 people working in more than 70 locations around the world.

Organization

Equipment

CGG’s Equipment division includes Sercel business entities as well as Optoplan, Metrolog, GRC and De Regt. Sercel designs and manufactures innovative seismic equipment and reservoir monitoring instruments. These instruments are used by oilfield service companies and geophysical contractors for seismic exploration and reservoir monitoring in land, marine, ocean bottom, transition zone and downhole environments. De Regt offers subsea cable and umbilical systems for oil and energy, defense and seismic exploration applications.

Data Acquisition

CGG has a full range of data acquisition capabilities to conduct all types of seismic and geophysical surveys, large or small, in any environment.

Geology, Geophysics & Reservoir (GGR)

CGG offers advanced geophysical processing & imaging.

The company's Hampson-Russell and Jason groups offer seismic reservoir software and services to help model, analyze and understand hydrocarbon reservoirs. The Robertson group offers technical services, consultancy and multi-client geological products for the exploration & appraisal market.

CGG's seismic, gravity and magnetics multi-client data library has over 300,000 km2 of 3D coverage and more than 1,000,000 line km of potential field data in the world's most prospective regions.

See also

Notes

  1. ^ a b c d e f "Annual Report 2010" (PDF). CGGVeritas. Retrieved 3 May 2011. 
  2. ^ a b With the Closing of the Acquisition of Fugro's Geoscience Division, CGG Announces today a New Identity for the Group.
  3. ^ "With Merger Complete, 'CGGVeritas' Moves Forward". January 15, 2007. Retrieved 2008-08-27. 

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