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December 17, 2013
05:44 EDTCGGCGG to implement new strategic phase
CGG presented the latest phase in its strategic roadmap which will be fully implemented by the end of 2016. Looking ahead to 2016, the roadmap for the company's Marine Acquisition business is to continue the repositioning and reformatting of the company's fleet on the company's core high-end vessels, which include the four modern C-class vessels recently acquired, and on the high-technology market segments. This reduction in the size of the company's operated fleet will lead to a significant reduction in fixed costs, in investments and hence reduce the volatility of Marine earnings and improve cash generation throughout the cycle. The company will maintain the critical size to retain a world-leading position, address the global regional markets and consolidate CGG's leadership in the high-end broadband and global solution marine market. Different avenues are being explored for the timely delivery of such a reformatting and repositioning initiative, and the more favorable cash-efficient scenarios will prevail. In Land Acquisition, CGG is pursuing its strategic roadmap based on a focalization on niche and "techno" markets and on long term partnerships in key regions. In the Middle East, CGG is also in ongoing discussion to reinforce its strategic presence in the region to benefit from the growing mega-crews trend.
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