CGG forms joint venture for 3D seismic vessel management

CGG (NYSE:CGG) and Louis Dreyfus Armateurs Group have created a ship management joint venture, GeofieLD Ship Management Services.

Offshore staff

PARISCGG (NYSE:CGG) and Louis Dreyfus Armateurs Group have created a ship management joint venture, GeofieLD Ship ManagementServices. Owned 50%/50 % by CGG and Louis Dreyfus Armateurs Group, the venture will provide maritime ship management services for five of CGG’s high-capacity 3D seismic vessels.

This combines the companies’ seismic and maritime expertise and experience to align QHSE systems, streamline communication, and define the JV’s strategy.

“This second joint venture marks another milestone in our performance action plan,” said Jean-Georges Malcor, CEO of CGG. “It reinforces our strategy to streamline the number of our maritime partners, following our first ship management joint venture with Norwegian ship owner,Eidesvik Offshore, in May 2011. We are confident that by pooling our expertise, culture and history with Louis Dreyfus Armateurs Group, a leader in marine activities and our long-term partner since 1990, within this new joint venture, we will provide first-class ship management services to meet the expectations of our clients.”

4/16/13

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