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ONE 12/17 07:45 CGG: CGG to implement a new Strategic Phase BN 12/17 07:49 *CGG: LOW AVAILABILITY RATE TO HURT 4Q EARNINGS BN 12/17 07:49 *CGG SAYS 4Q AVAILABILITY RATE WILL BE AROUND 80% BN 12/17 07:48 *CGG SAYS CLIENTS CONTINUE TO DELAY LARGE PROJECTS BN 12/17 07:48 *CGG SAYS CURRENT MARKET CONDITIONS DIFFICULT BN 12/17 07:48 *CGG AIMS TO LIFT EBIT MARGIN 400 BPS IN 2016 V 2013 BN 12/17 07:47 *CGG CITES FLEET-CAPACITY REDUCTION FOR 2013 WRITEOFF BN 12/17 07:46 *CGG TO TAKE WRITEOFF IN 2013 ACCOUNTS BFW 12/17 07:46 *CGG CUTS 2013 EBIT TARGET TO $400M-$420M BN 12/17 07:45 *CGG CUTS 2013 EBIT TARGET TO $400M-$420M BN 12/17 07:45 *CGG CUTS 2013 EBIT TARGET BN 12/17 07:45 *CGG: '13 EBIT REVISED DOWN TO $400M-$420M BN 12/17 07:45 *CGG: CGG TO IMPLEMENT NEW STRATEGIC PHASE
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CGG Cuts 2013 Ebit Target to $400M-$420M v $470M 2013-12-17 08:01:23.621 GMT
By David Whitehouse Dec. 17 (Bloomberg) -- Co. will take writeoff in 2013 accounts due to prospect of fleet-capacity reduction, it says in a statement. * Co says 4Q fleet availability rate will be around 80% and that this low level will hurt earnings * Co. had predicted 2013 Ebit margin of between 12% and 13%, and Ebit of $470M * Current market conditions difficult, co. says; clients continue to delay large projects * Co. seeks to lift 2016 Ebit margin 400 bps v 2013.
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To contact the editor responsible for this story: David Whitehouse at +33-1-5365-5059 or dwhitehouse1@bloomberg.net