It comes as a disappointment to the seismic sector because it was hoped a merger would strengthen CGG in what is a tough market.
Technip and CGG, both listed on the Euronext Paris exchange, issued similar statements early this week, saying no agreement could be reached after the engineering giant first revealed plans last month to buy the seismic player.
Technip’s statement says it is dropping the idea “following CGG’s reaction to [its] approach” and a number of proposals, while CGG’s notice says “none of the proposed options were creating value”.
The
