|Headquarters||Tour Montparnasse, Paris, France|
|Key people||Rémi Dorval (Chairman), Jean-Georges Malcor (CEO)|
|Revenue||€2.186 billion (2010)|
|Operating income||€67.2 million (2010)|
|Profit||(€54.6 million) (2010)|
|Total assets||€5.324 billion (end 2010)|
|Total equity||€2.870 billion (end 2010)|
|Employees||9,800 (end 2010)|
The company provides seismic data acquisition, processing and interpretation services, as well as related processing and interpretation software to clients in the oil and gas exploration and production business. The firm merged with United States-based competitor Veritas in January 2007, forming CGGVeritas (Compagnie Générale de Géophysique-Veritas) until January 2013 when the company changed its legal name back to CGG with the closing of the acquisition of Fugro's Geoscience Division. CGG is no longer an acronym, but the official company name.
CGG's clients were principally oil and gas companies using seismic imaging in exploration for, and development and production of oil and gas reserves. Seismic imaging is used to identify new areas where subsurface conditions are favorable for the accumulation of oil and gas, determining the size and structure of previously identified oil and gas fields and optimizing the development and production of oil and gas reserves (reservoir management). CGG also manufactured geophysical equipment.
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. In 1966, CGG opened its first seismic data processing center in Massy, France.
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. 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, becoming a fully integrated geoscience company with a total workforce of over 9,800 people working in more than 70 locations around the world.
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.
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.
- "Annual Report 2010" (PDF). CGGVeritas. Retrieved 3 May 2011.
- With the Closing of the Acquisition of Fugro's Geoscience Division, CGG Announces today a New Identity for the Group.
- "With Merger Complete, 'CGGVeritas' Moves Forward". January 15, 2007. Retrieved 2008-08-27.