The leader of the oil services set the tone Tuesday night: because he expects "to decrease in exploration expenses" among its major customers, the group Schlumberger announced a major restructuring plan and bring its fleet of 23 15 seismic vessels.
Ad immediately echoed in France. Because the future of seismic vessels that carry ultrasounds offshore hydrocarbon deposits, potential or actual, is at the heart of the deaf battle between Technip and CGG . The first proposed, on 10 November, a redemption in the second , 8.30 euros per share paid cash. And was refused rather dry .
End of story? Certainly not. The two groups, supported by their many respective investment banks, preparing the second "round". "The bridges are not completely cut off," says a source close to the matter. The negotiation seems in any case inevitable to many observers. " The fall in oil prices , which has accelerated since the OPEC meeting last week hurt the entire sector. The cuts that oil majors realize their exploration budgets likely to increase, "says one expert dossier.
Neither does protagonists of comments since the revelation of the failed attempt to Technip. But at CGG, the line is still clearly a defense of the independence of the company. "The company is organized to withstand difficult conditions and lowered its breakeven point accordingly," says a close case. CGG has renegotiated with its banks and initiated a restructuring of its activities, with 1,000 job cuts in the key and reducing its fleet from 18 to 13 boats.
Schlumberger followed suit Wednesday CGG comforted in his analysis. Better: the group can hope that the price of his profession of "acquisition" (collection of seismic data) will be held better with the reduction of capacity undertaken by his great rival.
Issue price
The company resulting from the merger with Veritas Geophysical in 2006, disputes the industrial project that was offered Technip, now run by Thierry Pilenko , the former boss of Veritas precisely. The leading French oil services, which weighs four times heavier than CGG stock market with a capitalization of € 6 billion, intends to expand its range of services to aggregating devices CGG (Sercel) and its reservoirs analysis services .dropoff window
It has however not hide its intention to separate from business acquisition - that is to say the fleet of ships - subject to his eyes to too strong competitive pressure. Technip asserted its 20 billion order book for CGG greater stability in a turbulent environment.
For CGG, the juxtaposition of its businesses with those of Technip has little meaning. The company warns against the risk of social destruction and "destruction of its integrated model" suggests a close case. Above all, she refuses to sell so cheaply Technip, which has rightly chosen this moment to cycle down to start the onslaught of a company whose shareholders have not seen the color of a dividend since long time. "Technip has behaved as if CGG would fall like ripe fruit. It takes effort on the price to reopen the case, "one expert analysis. Financial Technip's operating margins are narrow, however, the group of Pilenko having reaffirmed its commitment to maintain its credit rating.
"I prefer a CGG at Technip as a competitor or a Chinese," analyzes a player in the sector. The challenge is indeed perhaps the one. The state shareholder of both companies, is sensitive to the argument, but public power, Bercy Bpifrance through IFP has not yet made a religion on the record. "We will not go jumping on the argument of the creation of the national champion, a little artificial. But the subject deserves at least to be examined, "says a public source. The Notice of Total, mute but often considered a "godfather" of Technip can also weigh in the balance.