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Technip .... seeks to broaden the range of services.

Technip says no plans to buy CGG

PARIS, December 15, 2014

Technip has ruled out making an offer for seismic surveys specialist CGG after talks with the company failed to produce an agreement, the French oil services group said.

Technip said in a statement it had put forward "a number of alternative options to a tender offer" in discussions with CGG but failed to reach a deal.

"Under these circumstances, Technip informs the market that it does not intend to file a tender offer for CGG," the company said.

CGG had previously rebuffed a €1.47 billion ($1.82 billion) takeover offer from Technip in November.

In a statement on Sunday, CGG said it had "remained open to dialogue and studied all proposals" since the emergence of Technip's unsolicited approach but that "the board of CGG considered that none of the proposed options were creating value for the company".

"CGG is in a position to weather current difficult market conditions," it added.

The French firm is seeking to broaden the range of services it can offer as oil company clients slash spending in response to a 40 percent drop in the price of oil since June.-Reuters
 




Tags: Technip | CGG |

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