CGG: Smart Data Solutions Business Wins Data Management Contracts

Rhea-AI Summary

CGG Geoscience's Smart Data Solutions (SDS) business has secured data management contracts totaling approximately $10 million. A notable contract involves a global framework agreement with a major international energy company focused on digitizing its legacy data and providing multi-year storage solutions. CGG's expertise ensures safe data management and supports enhanced decision-making for its clients' digitalization initiatives. CEO Sophie Zurquiyah highlighted the importance of leveraging legacy data within exploration and technological advancements.

Positive

• Secured data management contracts totaling approximately $10 million.
• Notable global framework agreement with a major international energy company for digitization services.
• Expertise in managing legacy data reinforces client trust and decision-making.

Negative

• None.

CGG’s Smart Data Solutions Business Wins
Data Management Contracts

Paris, October 13, 2020

CGG Geoscience has announced that its Smart Data Solutions (SDS) business group has recently been awarded data management contracts representing a total backlog of about $10 million. Given the current industry context, these awards reflect the continued high priority that clients have on digitalizing and thus enhancing the value of their legacy data.

The most significant contract is for a global framework agreement signed with a major international energy company that provides for the digitization and multi-year storage of its legacy data and procurement of services related to understanding and extracting the maximum value from this asset. By selecting CGG for this contract, the client has the assurance that the data CGG manages on its behalf will be stored safely and securely by experts who have a deep geoscientific understanding of it. This unique knowledge will be instrumental in assisting the client to make informed decisions about how to realize the value of this legacy data within its digitalization initiatives.

Sophie Zurquiyah, CEO, CGG, said: “These recent awards reflect not only the long-term collaborative relationships that CGG maintains with its clients, but also their trust in our expertise, technology and knowledge. Through the proactive custodianship of information assets, we assist our clients in their understanding, extraction and integration of subsurface geoscience data.  As the focus of exploration shifts to mature provinces and new technologies are leveraged for analyzing rapidly expanding data volumes, gaining access to and the integration of legacy data have never been more critical.”

About CGG

CGG (www.cgg.com) is a global geoscience technology leader. Employing around 4,000 people worldwide, CGG provides a comprehensive range of data, products, services and equipment that supports the discovery and responsible management of the Earth’s natural resources. CGG is listed on the Euronext Paris SA (ISIN: 0013181864).

Contacts

Group Communications & Investor Relations Christophe Barnini Tel: + 33 1 64 47 38 11 E-Mail: christophe.barnini@cgg.com

Attachment

• CGG - Press Release pdf version

FAQ

What recent contracts did CGG secure?

CGG secured data management contracts totaling approximately $10 million.

Which company signed a contract with CGG?

A major international energy company signed a global framework agreement with CGG.

What is the main focus of CGG's new contracts?

The main focus is on digitizing legacy data and providing multi-year storage.

How much is the backlog from new contracts for CGG?

The backlog from the new contracts is about $10 million.

What services does CGG provide under the new contracts?

CGG provides digitization and data management services to enhance the value of legacy data.