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CGG

Markets

Technip abandons plan to take over seismic surveyor CGG

Technip SA (TEC), Europe’s biggest oil-services company, said it plans to expand in upstream businesses even after a bid to buy French seismic surveyor CGG SA (CGG) failed on price and industrial considerations. “We have turned a page on this subject,” Technip Chief Executive Officer Thierry Pilenko said. The company said in a statement on Sunday evening that it doesn’t intend to make an offer for CGG. CGG slumped 33% at 9:37 a.m. in Paris trading, while Technip climbed 8%.

Markets

Seismic specialist rebuffs £1.2bn bid from Technip

Struggling seismic surveyor CGG has knocked back a £1.2billion takeover bid from French energy services giant Technip amid a nosedive in oil prices that has sparked a sector-wide consolidation drive. Technip, which has about 1,400 staff at its Aberdeenshire headquarters in Westhill, made the approach earlier this month. Commenting yesterday on its decision to rebuff the offer, CGG said that "the conditions to pursue were not met."

Markets

Technip eyes CGG merger

Technip has approached seismic contractor CGG about a potential merger. The French services company confirmed it wanted to enter into a "contstructive dialogue" with CGG regarding the integration and development of its reservoir, data processing and seismic activities with Technip. However, a short statement released by CGG appears to dismiss the offer.