CGG, LDA Form Ship Management Joint Venture

CGG and Louis Dreyfus Armateurs Group (LDA) announced today the creation of a ship management joint venture, GeofieLD Ship Management Services.

Co-owned 50 % by CGG and 50 % by Louis Dreyfus Armateurs Group, the new joint venture will provide maritime ship management services for five of CGG’s high-capacity 3D seismic vessels.

This equal ownership reflects the common vision of CGG and Louis Dreyfus Armateurs to combine their seismic and maritime expertise and experience in order to align QHSE systems, streamline communication and define the JV’s strategy. This move also underlines the commitment shared by both parties to establishing a reliable maritime platform and maximizing the overall seismic performance of the five vessels managed by the joint venture.

The joint venture will be based in Suresnes, France. Alain Coatanhay from Louis Dreyfus Armateurs will be the Chairman of this new joint venture and David Rapidel from CGG has been appointed as Managing Director.

Jean-Georges Malcor, CEO of CGG, said: “This second joint venture marks another milestone in our performance action plan. It reinforces our strategy to streamline the number of our maritime partners, following our first ship management joint venture with Norwegian shipowner, 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.”

Philippe Louis-Dreyfus, President of Louis Dreyfus Armateurs Group, declared: “This joint venture further strengthens our ties with CGG, which started in 1990. This move comes as recognition of the skills and commitment of our teams. The sea offers great opportunities and I am proud of this new step forward in our strategy of partnerships with large industrial groups, such as CGG, a worldwide leader in geoscience.”