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4-Traders Homepage  >  Equities  >  Euronext Paris  >  CGG    CGG   FR0013181864

CGG (CGG)

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CGG VERITAS : CGGVeritas Eidesvik Ship Management AS Appoints General Manager

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12/06/2011 | 04:33pm CEST

Bergen, 6 December 2011

CGGVeritas and Eidesvik Offshore ASA have confirmed that Arnstein Øvsthus has been appointed as General Manager of their ship management joint venture, CGGVeritas Eidesvik Ship Management AS. Arnstein Øvsthus will take up his duties on 1st February 2012.

With over 30 years of wide-ranging experience in the offshore and shipping industries, Arnstein Øvsthus brings a wealth of maritime expertise to CGGVeritas Eidesvik Ship Management that will continue to enhance the CGGVeritas fleet's performance. Mr. Øvsthus previously worked for GC Rieber Shipping AS, most recently holding the positions of COO, with direct responsibility for all vessel operations in the GC Rieber Shipping Group, and Managing Director of the group's ship management services in Bergen.

The joint venture, dedicated to operating the high-end seismic vessels in the CGGVeritas fleet, is now fully operational. It has been joined by highly experienced professionals from both companies and all 10 high-end CGGVeritas vessels scheduled to be managed by the joint venture have now been transferred. The joint venture was created to share the operational constraints of seismic operations and achieve maritime operational excellence through reduced maritime downtime, better targeted maintenance, improved information flow and the sharing of best practices and joint systems.

Jan Fr. Meling, CEO of Eidesvik and Chairman of the Board of CGGVeritas Eidesvik Ship Management, said: "The establishment of the organization in Bergen strengthens Eidesvik's position as a leading international marine partner. The new company will enforce an even more seamless operation offshore."

Benoît Ribadeau-Dumas, Executive Vice President, Marine, CGGVeritas, said: "CGGVeritas Eidesvik Ship Management is a key component of our marine performance plan. Having a team dedicated to maritime expertise in Bergen will bring significant added value and support the operational excellence of the CGGVeritas seismic fleet."

About CGGVeritas

) is a leading international pure-play geophysical company delivering a wide range of technologies, services and equipment through Sercel, to its broad base of customers mainly throughout the global oil and gas industry.

Contacts

CGGVeritas Eidesvik Ship Management
Jan Fredrik Meling
Tel: +47 91 67 51 19
Email: janfredrik.meling@eidesvik.no

Media Relations
Sara Pink-Zerling
Tel: + 33 (1) 64 47 38 83
Email: sara.pink-zerling@cggveritas.com

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Financials ($)
Sales 2016 1 453 M
EBIT 2016 -81,6 M
Net income 2016 -308 M
Debt 2016 2 258 M
Yield 2016 -
P/E ratio 2016 -
P/E ratio 2017
EV / Sales 2016 1,92x
EV / Sales 2017 1,84x
Capitalization 537 M
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NameTitle
Jean-Georges Malcor Chief Executive Officer & Director
RÚmi Dorval Chairman
Pascal Rouiller Group COO & Senior Executive VP-Equipment
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