French oil services group Technip to continue talks with seismic surveyor CGG – despite CGG rebuffing Technip’s €1.5bn bid.

Technip announced that, on Monday, November 10, 2014, it approached CGG to create a first tier oil and gas services provider. The proposed transaction would take the form of a public tender offer in cash for CGG’s shares at a price of 8.30 euros per share.

Technip would like to enter into a constructive dialogue with CGG’s Board of Directors concerning its project that provides a strong strategic and industrial logic.

This industrial logic involves the integration and development of CGG’s reservoir and data processing and seismic equipment activities within Technip. This combination would create a unique value proposition in our industry, offering technology, engineering, equipment and project management from the reservoir across the entire production system. Technip would be ideally positioned to best address its clients’ increasingly complex cost and project challenges. As part of this project, Technip would reinforce and then separate the Acquisition Division of CGG. Given the intrinsic strengths of this division and its people, Technip expects this business to become a sustainable leader in a sector that has its own characteristics.

Technip is confident that its project can be completed under conditions that create value for its shareholders, while maintaining a strong balance sheet and its current credit rating.

Technip is unable to indicate at this stage whether such transaction will occur.

__________________________________________________________

Unsolicited Approach by Technip

Paris, France – 20 November 2014

CGG confirms having been approached by Technip in an unsolicited manner in respect of a potential combination.

CGG has considered that the conditions to pursue were not met.

About CGG:

CGG (www.cgg.com) is a fully integrated Geoscience company providing leading geological, geophysical and reservoir capabilities to its broad base of customers primarily from the global oil and gas industry. Through its three complementary business divisions of Equipment, Acquisition and Geology, Geophysics & Reservoir (GGR), CGG brings value across all aspects of natural resource exploration and exploitation.

CGG employs over 9,500 people around the world, all with a Passion for Geoscience and working together to deliver the best solutions to its customers.

CGG is listed on the Euronext Paris SA (ISIN: 0000120164) and the New York Stock Exchange (in the form of American Depositary Shares. NYSE: CGG).