Dear Colleagues-
More news on the commercial front; CGG announced their strategic plan through 2021 https://www.cgg.com/en/Investors/Press-Releases/2018/11/CGG-Presents-2021-St rategic-Roadmap The part of interest to the minerals community is highlighted below in yellow. A colleague more familiar than I with current business terms said this was a classic "Transition to an asset-light model". Regards/Ken * Profitable through the cycle Transition to an asset-light model by reducing CGG's exposure to the data acquisition business, which has been impacted over the years by structural industry overcapacity, lack of differentiation, commodity pricing and a heavy fixed cost base. CGG therefore plans to carry out the following strategic changes in compliance with all legal requirements. * Marine: - Adjust to a 3-vessel fleet in 2019. - Find a strategic partnership to cost efficiently operate and control the vessels. * Land: exit the market after a wind-down period. * Multi-Physics: market for sale, and monetize when suitable. See Condor at the Saskachewan Open House December 3-5, Saskatoon <https://openhouse.sgshome.ca/> https://openhouse.sgshome.ca/
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