CGG is a global participant in the geophysical seismic industry. Co. manufactures geophysical equipment and provides marine, land, and airborne data acquisition services. Co. also provides geosciences services, including data imaging, seismic data characterization, geosciences and petroleum engineering consulting services, and collecting, developing and licensing geological data. Co.'s clients are in oil and gas exploration and production industies. Co. divides its activities into four segments: Equipment, Contractual Data Acquisition, Geology, Geophysics and Reservoir (GGR), and Non-Operated Resources, including eight business lines, six Corporate functions, and four Group Departments.
  • TickerCGG
  • ISINFR0013181864
  • ExchangeEuronext Paris
  • SectorOil Equipment, Services & Distribution
  • CountryFrance
Martin Huseby Karlsen

Soft Petrobras capex guidance

Petrobras provided an updated E&P spending outlook following Covid-19; for 2021–2025e, it sees total E&P spending at USD40bn–50bn, down 30% from the previous 5-year plan (2020–2024). While providing no guidance by year, the plan suggests annual spending in the range of USD8bn–10bn on average, implying limited upside potential to forward spending versus recent years. While exploration guidance also has been lowered versus last year, Petrobras still plans to spend a decent amount on exploration in our view, and we also highlight that its development focus on pre-salt has further increased. We co...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

EM Remains In Favor; Shanghai Comp Breaking Out A weakening US dollar (DXY) continues to be a major tailwind for both EM equities and the commodity Sectors. Improving price and RS trends for these risk-on areas of the market are among the many characteristics consistent with historical bull markets. Therefore, we continue to label this a bull market and we believe global equities are still in the early innings of a broad-based advance. • EM Equities. Price action has remained weak for the US dollar (DXY), which has been great news for EM equities. As outlined in our 12/19/19 Int'l Compass ...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

EM Breakout -- Add Exposure The laundry list of market characteristics consistent with historical bull markets continues to grow, helping support our ongoing belief that global equities are in the early stages of a broad-based advance. • US Dollar; EM Equities. The US dollar (DXY) exhibits signs of rolling over, something we outlined as increasingly likely in our 12/10/19 Int'l Macro Vision strategy. This is bullish for global equities -- especially EM -- and has paved the way for the MSCI EM index to break above key resistance. Add exposure... see chart below and page 2. • Europe and J...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

The Pause that Refreshes? We continue to believe the weight of the evidence points to a new leg higher for global equities, a viewpoint that is supported by the several international markets that are breaking out to new highs or making bullish inflections since our previous Int'l Compass (10/31/19). While developments continue to lean bullish, global equities have rallied substantially since the start of October, making it perfectly reasonable to expect some consolidation of recent gains which would allow for a more meaningful move higher. • New Highs or Bullish Inflections. The number of ...

Matthieu DRIOL

Short term view - CGG : The trend is bearish.

The trend is bearish. Prices are falling again, but the movement has become hesitant. The next support is at €1.952. The bearish trend would be challenged above €3.578.

Matthieu DRIOL

Analyse court terme - CGG : La tendance est baissière.

La tendance est baissière. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 1,952 €. La tendance baissière serait remise en cause au-dessus de 3,578 €.

Martin Huseby Karlsen

Soft Petrobras capex guidance

Petrobras provided an updated E&P spending outlook following Covid-19; for 2021–2025e, it sees total E&P spending at USD40bn–50bn, down 30% from the previous 5-year plan (2020–2024). While providing no guidance by year, the plan suggests annual spending in the range of USD8bn–10bn on average, implying limited upside potential to forward spending versus recent years. While exploration guidance also has been lowered versus last year, Petrobras still plans to spend a decent amount on exploration in our view, and we also highlight that its development focus on pre-salt has further increased. We co...

Martin Huseby Karlsen

Fossil fade

In mid-August, Valaris announced it had entered into a Restructuring Support Agreement (RSA) and Backstop Commitment Agreement (BCA) with approximately 50% of its noteholders to undergo a financial restructuring, and voluntarily filed for Chapter 11.

Martin Huseby Karlsen

Huge Petrobras development, but limited services need

Huge Petrobras development, but limited services need Petrobras has again highlighted the bright future of the Buzios field, part of the ‘transfer of rights area’, looking to add eight new FPSOs. From an oil service perspective, we welcome new developments but at the same time, we consider the oil service intensity for this development to be low. Wells are highly productive (40k–50k barrels/d per well), resulting in a need for few wells, which is the main demand driver for rig and subsea services. We estimate a need for 3–4 UDW rigs (largely flat compared to recent years), and that lo...

Jean-François Granjon

CGG : Results down sharply and largely affected by non-recurring items

>Interim results under pressure as expected - CGG reported interim results that contained no surprises and were down sharply below our estimates and those of the consensus. Sales came in at $ 202 m ($ 192.4m estimated / $ 219m for the consensus) vs $ 340m, down 41%. All of the group’s activities posted a sharp contraction, incl. -35% for GGR and -53% for equipment. For earnings, EBITDA came in at $ 68m ($ 77.6m estimated, $ 83m for the consensus cs) vs $ 170.6m down 6...

Jean-François Granjon

CGG : Des résultats en net repli et largement affectés par du non récurrent

>Résultats trimestriels sous pression sans surprise - CGG publie des résultats trimestriels sans surprise en fort repli et s’inscrivent en-deçà de nos attentes et de celles du consensus. Le CA ressort à 202 M$ (192.4 M$ estimé, 219 M$ pour le cs) vs 340 M$ en baisse de 41%. Toutes les activités du groupe affichent un net repli dont -35% pour GGR et -53% pour les Equipements. Pour les résultats, l’EBITDA ressort à 68 M$ (77.6 M$ estimé, 83 M$ pour le cs) vs 170.6 M$ en...

Anis Zgaya ...
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Fehmi Ben Naamane
  • Hela Zarrouk
  • Jean-François Granjon
  • Jerôme Bodin
  • Martial Descoutures
  • Nicolas David
  • Oussema Denguir
  • Salma Bouraoui
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 05/12/2020

...

Anis Zgaya ...
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Fehmi Ben Naamane
  • Hela Zarrouk
  • Jean-François Granjon
  • Jerôme Bodin
  • Martial Descoutures
  • Nicolas David
  • Oussema Denguir
  • Salma Bouraoui
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 12/05/2020

...

Baptiste Lebacq ...
  • Benoit Valleaux
  • Geoffroy Michalet
  • Jean-François Granjon
  • Jerôme Bodin
  • Matthias Desmarais
  • Roland Pfaender,MBA,CFA,CCRA
  • Sylvain Goyon, CFA

ODDO BHF Small & MIDCAP MORNING NEWS - 04/20/2020

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CGG sees an upgrade to Slightly Negative thanks to a better star rating, but the title remains unattractive

The independent financial analyst theScreener just awarded an improved star rating to CGG (FR), active in the Oil Equipment & Services industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 1 out of 4 possible stars. Given its market behaviour as risky, theScreener considers that these elements allowing slightly upgrading its general evaluation to Slightly Negative; the title, however, remains unattractive. As of the analysis date May 26, 2020, the closing price was EUR 1.03 and its target price was estimated at EUR 0.68.

Jehanne Leroy

CGG - Assemblée Générale des actionnaires du 16 Juin 2020

RémunérationsLes plans d’actions de performance attribués en 2019 comprennent une condition de performance mesurée à fin 2021, soit 2 ans après l’attribution. Ce type de pratique court-termiste ne correspond pas du tout aux pratiques en France et encore moins dans le SBF 120 et n’est pas acceptable. C’est la raison pour laquelle nous ne soutenons pas la résolution 10 relatives aux rémunérations 2019 de la Directrice Générale. La société a toutefois corrigé le tir pour 2020 puisque les conditions de performance sont toutes désormais mesurées sur 3 ans. En raison de cette amélioration, nous rec...

CGG - Assemblée générale des actionnaires du 15 mai 2019

A la suite du plan de restructuration financière et de la modification de l'actionnariat, la société a été marquée en 2018 par l'évolution de la gouvernance avec l'arrivée de Philippe Salles à la présidence du conseil en remplacement de Remi Dorval et la nomination de Sophie Zurquiyah comme Directeur général en remplacement de Jean-Georges Malcor. Par ailleurs, le nombre de membres au conseil sera réduit de 11 à 9 à l'issue de la présente assemblée générale. Les conditions de départ de Jean-Georges Malcor sont inacceptables. Proxinvest évalue l'ensemble de ses avantages à 5,5 M€ (estimation d...

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