A N N UA LR E P O R T

2 0 1 5

F O R E R U N N E R A N D L E A D E R I N G E O S C I E N C E

01. PROFILE — 02. MESSAGE FROM THE CHAIRMAN AND INTERVIEW WITH THE CEO — 04. GOVERNANCE — 06. KEY FIGURES — 08. CGG WORLDWIDE — 10. 2015 HIGHLIGHTS — 14. ACTIVITIES — 26. TRANSFORMATION PLAN — 28. HUMAN RESOURCES — 30. SUSTAINABLE DEVELOPMENT — 32. SHAREHOLDER INFORMATION

1P R O F I L E

80- yearover

TRADITION OF PIONEERING

500STAFF DEDICATED

to R&D

50 LOCATIONS WORLDWIDE

7 000 EMPLOYEES

36SUBSURFACE IMAGING CENTERS

worldwide

CGG is a leader in cutting-edge geoscience. We have achieved

leadership through a strong focus on innovation and a

sustained commitment to developing our markets both

locally and globally.

We bring our clients a unique range of technologies, services

and equipment designed to acquire extre mely precise data

and images of the Earth's subsurface. We also provide state-

of-the-art software and services for analyzing that data and

developing a deeper understanding of the subsurface for

exploration, production and optimization of natural resources

including potential and existing oil and gas reservoirs.

2 0 1 5 A N N U A L R E P O R T2

M E S S A G E F R O M T H E C H A I R M A N

Remi DORVAL

" Our industry

is experiencing

an unprecedented crisis"

Our business environment is extremely difficult and we are probably

experiencing the deepest and longest crisis our industry has ever

known. Over two years, the price of a barrel of oil has been divided

by three, down to 30 dollars at the end of 2015. This has had a strong

impact on the geoscience sector, positioned at the start of the Explo-

ration-Production chain. Service prices are at their lowest, margins

are very small and we are operating in a much more demanding

environment, working for clients who are making drastic reductions

in their spending.

From as early as 2013, CGG launched a cost-savings plan to adapt

and reposition its business offering. A worsening in the sector’s eco-

nomic situation over the last two years forced us to conduct a major

strategic rethink of the CGG group’s long-term profile.

It was against this backdrop that we launched the new phase of

our transformation plan and the capital increase that marked the

end of 2015 and the start of 2016. Our Board of Directors decided

to significantly reduce the share of revenue represented by our

capital-intensive marine activity and we began to implement the

transformation plan and reschedule our debt beyond 2019. We have

also chosen to increase the company’s capital to give it the funds

to weather these difficult times and reposition ourselves on our

higher-potential, less capital-intensive activities.

CGG is a technology pioneer; it is a company that is constantly

evolving and has had to face many changes in its history, yet it has

consistently come through these challenges and seized new oppor-

tunities. We are continually innovating and exploring new frontiers

and new growth drivers. I would like to salute the commitment of

the women and men at CGG, without whom none of this would be

possible, and I would like to thank them in particular for their tireless

efforts in an extremely difficult working environment.

I have total confidence in our Group and its ability to adapt to new

commercial and economic challenges to guarantee its long-term

future. CGG’s success at weathering the crisis will come from its

integrated business model, the determination of its teams and its

high-technology profile.

3M E S S A G E F R O M T H E C H A I R M A N A N D I N T E R V I E W W I T H T H E C E O

I N T E R V I E W W I T H T H E C E O

"A resized group to weather the crisis"

Jean-Georges MALCOR

Its aim is to rebalance our portfolio of activities and to improve our abi-

lity to generate cash and make us less sensitive to the cyclical nature

of our industry by reducing our exposure to capital-intensive activities.

The share of contractual seismic data acquisition activities in our overall

revenue will therefore fall to less than 15%. We are now only operating

five vessels in our fleet compared to 18 at the end of 2013 and the fleet

will focus its operations on our multi-client activities. The activities of

our Geology, Geophysics & Reservoir (GGR) segment will, by contrast,

represent over 60% of total revenue.

What is the aim of your Strategic Transformation Plan?

What are the activities of the GGR segment?

In addition to our multi-client activity based on our library of seismic

images that we own and license to clients, we are also active in sub-

surface imaging and reservoir characterization. For this, GGR employs

more than 3,000 engineers who produce and interpret seismic images,

develop software and specialized applications and provide a significant

geoscience consultancy activity.

What steps has CGG taken to weather this crisis?

In 2015, the CGG Group reported a high net loss, highlighting the difficul-

ty of our market and the non-recurring charges we incurred as a result

of our strategic repositioning. Nevertheless, free cash flow generation

improved significantly compared to 2014, underlining our consistent

efforts to save cash throughout the year. From the end of 2013, we

launched a far-reaching cost-savings plan that we accelerated in 2015.

Over a two-year period, we have reduced marine data acquisition costs

by 64% and cut overheads by 54%. We have reduced our headcount,

which stood at 11,000 at the end of 2013, by 34% and will bring it down

further in 2016 to 6,300 employees.

How do you view CGG’s prospects?

Our aim is to build a rebalanced geoscience group that is firmly anchored

in its unique and high-tech positions in Equipment, Imaging-Reservoir

and high-end Data Acquisition. Here I would like to pay tribute to the way

in which our employees have mobilized in the face of the current much

deteriorated market conditions to better serve our clients and overcome

their new challenges.

2 0 1 5 A N N U A L R E P O R T4

G O V E R N A N C EThe Board of Directors relies on the work of specialized Committees to

oversee the company’s good conduct. The Committees oversee Group

activities in their area of competency, guarantee that high- level risks are

identified and managed, and work closely with General Management.

The Board of Directors’ Internal Rules and Regulations define the

composition, duties and operating procedures of the Committees

with the exception of the Audit Committee and the Appointment &

Remuneration Committee that have each had their own operating

charter since March 8th, 2005 and July 30th, 2008 respectively.

Michael Daly ( 1 )

INDEPENDENT MEMBER| British |

Anne Guerin ( 1 ) ( 3 )

| French |

Didier Houssin ( 1 ) ( 2 )

| French |

Agnès Lemarchand ( 2 )( 3 )

INDEPENDENT MEMBER

| French |

Gilberte Lombard ( 2 ) ( 4 )

INDEPENDENT MEMBER

| French |

Hilde Myrberg ( 2 ) ( 3 )

INDEPENDENT MEMBER| Norwegian |

Robert F. Semmens ( 1 ) ( 3 )

| American |

Kathleen Sendall ( 3 ) ( 4 )

INDEPENDENT MEMBER

| Canadian |

Daniel Valot ( 4 )

| French |

Remi Dorval ( 1 )

CHAIRMAN OF THE BOARD| French |

Jean-Georges Malcor Loren Carroll ( 2 )

INDEPENDENT MEMBER| American |

CEO| French/Australian |

(1) Member of the Strategy/

Technology Committee

(2) Member of the Audit Committee

(3) Member of the Appointment

& Remuneration Committee

(4) Member of the HSE/Sustainable

Development Committee

G O V E R N A N C E 5

E X E C U T I V E L E A D E R S H I P

CGG is under the management responsibility of Jean-Georges Malcor, Chief Executive Officer,

to whom the Board has given management authority.

Chaired by Jean-Georges Malcor (CEO), the Corporate Committee is formed by: Stéphane-

Paul Frydman (Corporate Officer & Senior Executive Vice President, Finance), Pascal Rouiller

(Corporate Officer & Chief Operating Officer), Sophie Zurquiyah (Corporate Officer & Chief

Operating Officer) and David Dragone (EVP, Human Resources). Its members meet monthly to

review the global performance of the Group and the general conduct of business.

From left to right, top to bottom:

Stéphane-Paul Frydman | Jean-Georges Malcor | David Dragone | Sophie Zurquiyah | Pascal Rouiller

2 0 1 5 A N N U A L R E P O R T6

K E YF I G U R E S

OPERATING REVENUE BY REGION—–

SHAREHOLDER STRUCTURE—–

▪ 3.58% IFPEN ▪ 7.04% BPI FRANCE ▪ 89.38% FLOATING

CONSOLIDATED OPERATING REVENUE(million dollars)

2013 2014 2015

12/31/2015 03/31/2016*

*After capital increase

▪ 1.27% IFPEN ▪ 9.35% BPI FRANCE ▪ 89.38% FLOATING

3,766

3,095

2,101

▪ 25% NORTH AMERICA

▪ 11% CENTRAL AND SOUTH AMERICAS ▪ 42% EUROPE, AFRICA AND MIDDLE EAST

▪ 22% ASIA PACIFIC

at the end of 2015 3.8

LEVERAGE RATIO*

*Net debt/EBITDA

7K E Y F I G U R E S

OPERATING INCOME*(million dollars)

* Before non recurring charges

NET DEBT (million dollars)

NET INCOME*(million dollars)

* Before non recurring charges

CAPITAL EXPENDITURE(million dollars)

EBITDAS*(million dollars)

* Before non recurring charges

EQUIT Y(million dollars)

2013 2014 2015 2013 2014 2015 2013 2014 2015

2013 2014 2015 2013 2014 2015 2013 2014 2015

401

242

19

1,160

994

661

126

-207

-269

2,2182,420 2,500

3,800

2,693

1,312480

285

347

583

282

130� Industrial

- R&D� Multi-Client

CGG Group revenue in 2015 totalled 2.101 billion dollars, down 35% compared to 2014,

reflecting the current challenging geoscience market.

This revenue figure breaks down to 19% from our Equipment business segment, 28% from

our Acquisition business segment and 53% from our Geology, Geophysics & Reservoir (GGR)

business segment.

Since the launch of our transformation plan at the end of 2013, which was accelerated in 2014

and 2015, we have made a 54% cut in overheads, halved our capital expenditure and reduced

the Group’s headcount by 3,700 permanent employees.

210 3

1 470 2

3

C G GW O R L D W I D E

OFFSHORE ACQUISITION FIELD CREWS: 770

ONSHORE ACQUISITION FIELD CREWS: 140

2 0 1 5 A N N U A L R E P O R T8

SOUTH AMERICA

NORTH AND CENTRAL

AMERICA

1 120 1

9

50

1

230

7

HEADQUARTERS

3010

4

12

— HEADQUARTERS

— EMPLOYEES

— EQUIPMENT SITES

— IMAGING CENTERS

9C G G W O R L W I D E

AFRICA

EUROPE

MIDDLE EAST ASIA- PACIFIC

2 0 1 5 A N N U A L R E P O R T1 0

2 0 1 5H I G H L I G H T S

March 19CGG is awarded a contract by a subsidiary of Anadarko Pe-troleum Corporation to acquire and process a 16,314 km2 3D seismic survey on the Caribbean coast offshore Colombia. The survey will be the largest marine seismic program ever acquired in Colombia.

CGG starts acquiring the Davros multi-client sur-vey in the Northern Carnarvon Basin on the North West Shelf of Western Australia. Extending over 11,000 km2, Davros is the largest seismic survey CGG has ever acquired in the Asia-Pacific region. The survey is expected to reveal exciting new ex-ploration opportunities, given its location adjacent to significant discoveries along the Rankin Trend.

March 2AUSTRALIA

COLOMBIA

TAURUS

1 12 0 1 5 H I G H L I G H T S

CGG extends its Horda BroadSeis-BroadSource 3D multi-client program westwards to cover the Tampen Spur and Oseberg area. The combined survey, now known as the Northern Viking Graben, will provide continuous coverage over more than 36,000 km2 in one of the world’s most prolific petroleum provinces.

May 13NORTH SEA

CGG GeoConsulting acquires Taurus Reservoir Solutions Ltd., based in Calgary.

April 22

CGG GeoSoftware launches major releases across its full product portfolio including the globally respected HampsonRussell, Jason, and InsightEarth® brands. Improvements focus on technology innovation, workflow integration and ease of use across all application suites.

June 1GEOSOFTWARE

SERCEL NOMAD 90 NEO

2 0 1 5 A N N U A L R E P O R T1 2

CGG and Landmark announce a geosciences technology collaboration that will allow shared customers to seamlessly access best-in-class interpretation and reservoir characterization technologies and geoscience data from both companies, using the industry’s first E&P enterprise class platform, Landmark’s DecisionSpace®.

October 21COLLABORATION WITH LANDMARK

CGG completes in record time the fast-track results for a 1,700 km2 BroadSeis 3D marine acquisition and depth imaging project for one of the world's largest international oil companies. Just nine days after the last shot point, CGG delivered prestack depth migration volumes using Kirchhoff and Reverse Time Migration.

RECORD IMAGING TIME

Sercel’s new super-heavy broadband vibrator, the Nomad 90 Neo, has an improved vibrator mechanical design and new functionalities for greater productivity and reliability.

June 2

BRAZIL

1 3

CGG is appointed as technical consultant by the Gabonese Republic’s Ministry of Petroleum and Hydrocarbons to help promote the 11th Licensing Round, after working directly with the Ministry to acquire over 25,000 km2 of new 3D BroadSeisTM multi-client seismic data as part of an integrated geoscience program to support the round.

GABON

2 0 1 5 H I G H L I G H T S

November 5TRANSFORMATION PLAN

CGG takes next step in its transformation plan to focus on high-added-value businesses. GGR will represent over 60% of future group revenue while acquisition will represent less than 15% with the marine fleet being resized to five vessels and focusing on multi-client programs.

CGG receives all necessary permits for its vessel to start acquiring the industry’s first regional broadband seismic survey of the Barreirinhas Basin in the Equatorial Margin of northern Brazil. The 14,500 km2 MegaBar 3D multi-client survey will illuminate the untapped potential of this frontier basin.

October 28

2 0 1 5 A N N U A L R E P O R T1 4

A C T I V I T I E S

Our geoscience solutions

Hydrocarbon resources are becoming increasingly difficult

to find. They are often located in regions that are difficult

to access, at increasingly greater depths in the Earth’s

subsurface and trapped in geologically complex zones.

Whether at sea, on land or in the air, in remote regions or

urban locations, CGG serves its clients even in their most

complex and ambitious projects. By offering them the

industry’s most innovative technologies and the highest

level of expertise available, we help them to gain greater

insight into subsurface resources, helping them meet the

energy, economic and environmental challenges of today

and tomorrow.

Our products and services cover the full geoscience spectrum, from

frontier exploration to oil field renewal. We acquire, process, analyze

and manage all types of geological and geophysical data. We help our

clients discover resources, characterize reservoirs, estimate reserves,

position surface installations, monitor wells, optimize production and,

ultimately, increase recovery.

OF MULTI-CLIENT OFFSHORE DATA

800 000km2over

3.5Mmore than

SERCEL LAND SENSORS

deployed worldwide

Our Group is organized into eight Business Lines:

’ Equipment

’ Marine Acquisition

’ Land Acquisition

’ Multi-Physics

’ Subsurface Imaging

’ GeoSoftware

’ GeoConsulting

’ Multi-Client

These activities are conducted within our Equipment, Acquisition

and GGR business segments.

BREAKDOWN OF CONSOLIDATED REVENUE FOR 2015 BY BUSINESS —–

▪ 19% EQUIPMENT▪ 28% ACQUISITION▪ 53% GGR

A C T I V I T I E S 1 5

2 0 1 5 A N N U A L R E P O R T1 6

EQUIPMENT

INNOVATIONS FROM SERCEL

As world leader in seismic acquisition equipment, Sercel manu-

factures and maintains a comprehensive range of integrated high-

technology seismic equipment used for hydrocarbon exploration and

reservoir monitoring in all geological environments, whether offshore,

onshore, in transition zones or downhole.

In 2015, despite the very weak market, Sercel capitalized on its tech-

nological lead by delivering the most advanced equipment in terms of

cableless technologies, broadband seismic, miniaturized electronics,

and optic and acoustic technologies.

Sercel's new-generation 508XT land seismic acquisition system is

being successfully deployed on a large scale on a seismic survey in

Saudi Arabia. The system is being deployed on a high-productivity

super crew operated by Argas, CGG's joint venture with TAQA,

and achieved the milestone of one million VPs (Vibrated Points) in

January 2016.

Several new products were successfully launched this year:

’ The Nomad 65 Neo and Nomad 90 Neo vibrator

trucks, which can generate a wider range of

seismic wave frequencies and are therefore an ideal

source for onshore broadband seismic surveys

’ GeoWave® II, the first digital multi-level

downhole tool designed for continuous data

acquisition at temperatures of up to 400°F/205°C

and pressures of 25,000 psi/1,725 bar

’ QuietSea™, a marine mammal monitoring

system used to detect the presence of

marine mammals during seismic surveys

’ GeoTag, a solution for accurately positioning

all types of cabled (OBC) or standalone

systems for seabed or transition zone

surveys, at depths of up to 500 meters

A C T I V I T I E S 1 7

In 2015, Sercel maintained its level of investment in Research & De-

velopment, ensuring its clients will continue to benefit from the most

technologically advanced and highly reliable equipment.

Because of its excellent reputation and successful track record, we

expect Sercel in 2016 to maintain its position as leader in the seismic

equipment market, capitalizing on its client base, its implementation

of new technologies in its product range and its diversification of its

geographical presence.

www.cgg.com/en/What-We-Do/Equipment

Find out more at:�

2 0 1 5 A N N U A L R E P O R T1 8

Offshore

The offshore acquisition market declined sharply in 2015 as a result of the fall in oil prices and

the sharp reduction in our clients' Exploration-Production budgets. For 66% of its time, our

3D fleet worked on contractual marine acquisition programs, in particular in Asia and Central

America. For the remaining 34% of its time, it was conducting multi-client surveys. Despite the

significant worldwide reduction in the number of seismic vessels operating in 2015, the over-

supply led to a significant fall in marine prices to a historically low level. In this market context,

CGG continued with and accelerated its plan to reduce the size of its fleet. As from the end of

the first quarter of 2016, our fleet will operate with five high-end 3D vessels.

ACQUISITION

DATA QUALITY, ACCURACY AND RELIABILITY

With our knowledge and understanding of each link in the seismic chain we can deliver the

clearest images of the most complex reservoirs. Data quality, accuracy and reliability are

essential parameters for delivering high-definition images, giving our clients access to the

best technology available at each step in the cycle.

Our expertise in data acquisition and our experience in all types of environments enable us to

estimate the exploration potential of oil and gas fields, produce images of deep and complex

reservoirs, demarcate risk zones and conduct 4D seismic surveys to understand the behaviour

of mature deposits, at whatever depth they are located.

Tailored acquisition surveys in conjunction with our geological expertise and our know-how

in airborne gravity acquisition bring our clients new insight for evaluating natural resources.

In addition to our world-renowned operational excellence, we acquire this data while enforcing

the highest possible levels of safety for our personnel and operating in full compliance with

environmental regulations.

www.cgg.com/en/What-We-Do/Your-Challenges

To learn more about

the way our tailored solutions

help our clients to overcome

their challenges:�

A C T I V I T I E S 1 9

Multi-Physics

With a fleet of twenty-one aircraft our Multi-Physics activity acquires,

processes and interprets gravity, magnetic, electromagnetic and

radiometric data. It has clients in mining, oil, gas, governmental,

engineering and environmental management sectors. These are for

the most part located in Canada, Brazil, South Africa and Australia.

Our launch of FalconPlus, a new airborne gravity gradiometer (AGG)

system, in 2015 strengthened CGG's position in the high-technology

segment. This system is the lowest-noise AGG system on the market.

Onshore

The onshore acquisition market is highly fragmented and very competitive. CGG differentiates

itself from its competitors in this market through the high quality of its technological services,

its ability to deploy high-channel-count crews and through its strong track record in complex

geological zones. In 2015, our onshore acquisition activities were conducted either directly by

us, or by ARGAS, our joint venture with our long-standing partner, TAQA, in North Africa (Algeria,

Tunisia, Egypt), in the Gulf States (Saudi Arabia, Oman) and in Sub-Saharan Africa (Angola).

This geographical focus is based on our unique experience operating in the deserts of North

Africa and the Middle East. Demand for very high-resolution and high-channel-count seismic

acquisition surveys remains strong in these areas.

2 0 1 5 A N N U A L R E P O R T2 0

BIG DATA AND INCREASING COMPUTING CAPACITY

To cope with the exponential rise in the volume of data to be analyzed,

our computing capacity has increased considerably over the last few

years. This has enabled us to improve the quality of seismic data

processing through the use of more complex and more accurate

algorithms. Our R&D efforts are also focused on new architectures

for our supercomputers. This enables us in particular to massively

increase their computing power and process increasingly complex

data in a shorter time, while using less energy.

GGR

INTEGRATED ACTIVITIES TOWARDS

THE RESERVOIR

CGG has expanded from its long-standing leading position in data

processing and subsurface imaging to offer a full integrated range of

products and solutions that enable it to accompany its clients from

seismic through to the reservoir.

We have a diversified portfolio of services and data extending across

the geosciences, from regional-scale analysis of sedimentary basins

to nanometric-scale rock sample characterization.

Throughout a reservoir’s development plan we help clients to improve

the level of performance and profitability of their projects, and also

reduce production costs, risks and any unknowns. This is achieved

on the strength of our in-depth understanding of reservoir properties

and how they evolve.

Today, with our position as world leader, our capacity for innova-

tion and our fully integrated complementary expertise, we can help

our clients to maximize the value of their resources and generate

additional income.

A C T I V I T I E S 2 1

Our GGR business segment is the main axis of development for the

Group. It comprises two major activities: "Imaging and Reservoir" and

"Multi-Client and New Ventures". It includes some of the most highly

respected brands in the industry. It offers a full suite of geoscience

applications and services covering every requirement in the sector:

’ Multi-client surveys

’ Seismic data processing

’ Data processing software

’ Geoscience and reservoir engineering consultancy

’ Geological data licences via Robertson

2 2 2 0 1 5 A N N U A L R E P O R T

� GeoConsulting

Ranging from sedimentology studies to seismic modeling, from geosteering of horizontal dril-

ling paths to satellite mapping for pollution and ground motion monitoring, the unique expertise

and services of our GeoConsulting business line enable our clients to optimize the profitability

of their E&P assets.

Our teams of experts perform advanced geological and geophysical interpretation and help our

clients build reservoir models, which, by incorporating all available data, allow them to make

informed decisions and in this way maximize reserves recovery and their return on investment.

The many different types of data management, storage and exploitation activities we conduct

for oil companies and government bodies meet the needs of the exponential rise in the volume

of data produced over the last few years. This activity therefore has high growth potential.

Imaging and reservoir

� Subsurface Imaging

CGG is the recognised world leader in subsurface imaging. This reputation is due to the quality

of the seismic images we deliver, which are of unmatched resolution and reveal a richness of

information.

This business activity covers the analysis and processing of borehole and surface seismic data

as well as data obtained using other geophysical methods, acquired by CGG business lines

and/or by third-party organizations. These images give insight into the subsurface structures

and can be used to analyze the various characteristics of the rocks and fluids making up these

structures.

The Group operates seven major international processing centers located in Houston (USA),

Crawley (UK), Massy (France), Singapore, Rio de Janeiro (Brazil), Oslo (Norway) and Calgary

(Canada), linked to a network of nineteen regional centers open to all of the Group's clients.

We also operate ten additional centers, each of which is dedicated to a specific client. These

centers offer bespoke services based on close collaboration between the Group's technical

staff and the client.

Using the very latest technologies and delivering the highest standard of customer service,

our Subsurface Imaging activity weathered the crisis well in 2015. Its strong performance was

driven by the volume of data to be processed and the increasing complexity of the geology

needing to be imaged and interpreted, which calls for ever more sophisticated algorithms and

leading-edge expertise in the geosciences, areas in which CGG is a market leader.

www.cgg.com/en/What-We-Do/Subsurface-Imaging

We transform geophysical data

into actionable information.

Find out more at:�

2 3

� GeoSoftware

All over the world, our clients are using our modeling software and workflows to identify

rock anisotropy, locate thin beds, evaluate stress forces and obtain a better understanding of

reservoir dynamics.

Through its HampsonRussell, Jason and InsightEarth brands, CGG GeoSoftware has a strong

position in the seismic reservoir characterization software market. Used as part of integrated

workflows, our solutions can be used for analysis encompassing every seismic stage right up

to reservoir simulation, using accurate and predictive reservoir models.

For clients wishing to conduct their own reservoir studies, GeoSoftware sells software for seis-

mic data processing (Geovation), reservoir characterization and modeling (HampsonRussell,

Jason, InsightEarth and VelPro).

2 3A C T I V I T I E S

2 0 1 5 A N N U A L R E P O R T2 4

Multi-Client & New Ventures

Multi-client data library

With over 800,000 km2 of offshore seismic data and 50,000 km2 of

onshore data available from the world’s major sedimentary basins, CGG

offers the most comprehensive, recent and technologically advanced

geological and geophysical data library in the industry. Our clients can

take part in new acquisition projects and/or access multi-disciplinary and

multi-client data.

Our non-exclusive gravity and magnetic database is the most compre-

hensive privately-owned data library in the world. Regional and global

geological studies include reservoir analogues, predictive models and

dynamic plate tectonics and a database of petroleum systems and play

fairways in over 500 basins. We have the best-quality and most recent

seismic and satellite data for all the exploration hotspots, as well as

geochemical and well data.

In 2015, our Multi-Client business line focused on completing our

IBALT StagSeisTM program in the Gulf of Mexico ahead of the 2017

and 2018 licensing rounds and conducting high-end surveys off the

coast of Gabon and in the West Graben zone of the North Sea. We

also launched offshore surveys in Brazil, Africa and Australia, as well

as onshore surveys in North America. Overall, our activity weathered

well in 2015, with a level of program pre-financing that was over

100% higher than our target.

Our multi-client activity acts as an integration driver for all of CGG’s

activities and technologies. It should remain resilient in 2016 with

sustained client interest in our key basins.

ALASKA350 km2

NORTH SEA170,000 km2

CASPIAN13,000 km

USA44,500 km2

GULF OF MEXICO370,000 km2

SOUTH AMERICA200,000 km2

AFRICA47,000 km2

ASIA

INDONESIA17,000 km

AUSTRALIA15,000 km2

2 5

CGG WORLDWIDE LIBRARY

The right data, in the right location,

at the right time

www.cgg.com/en/what-we-do/multi-client-data/geostore

Explore our new interactive GeoStore map:�

Major multi-client surveys in the Gulf of Mexico

One of the major multi-client programs CGG acquired and imaged in 2015 is the IBALT series

of surveys designed to image subsalt prospects in the central Gulf of Mexico, covering over

20,000 km2. To acquire these surveys, CGG deployed its StagSeis data acquisition technology

combined with state-of-the-art data imaging of unmatched quality. These surveys were broken

down into several hundred blocks, and, for the most part, should be available for bidding within

the next four years.

In November 2015, CGG began reprocessing a large seismic data set covering more than

38,000 km2 in the Perdido geological zone straddling the American and Mexican waters of the

Gulf of Mexico. This survey, known as "Encontrado", will be the largest survey CGG has ever

reprocessed.

A C T I V I T I E S

2 6 2 0 1 5 A N N U A L R E P O R T

To face the extremely diffi cult market environ-

ment and adapt to an industry in transition,

CGG took steps to accelerate and intensify the

transformation plan it decided to implement at

the end of 2013. This plan aims to reduce our

cost base, to rebalance our activity portfolio and

operate high-end activities that are more pro-

fi table, less volatile and less capital-intensive.

OUR TRANSFORMATION PLAN

(1) Excluding impact of variation in fi xed asset suppliers

of $3.5m for FY 2014 and $(3)m for 3Q 2015

(2) Including manufacturing temporary staff

YEAR END

2013YEAR END

2014YEAR END

2015

100

72

36MARINE

MONTHLY COST STRUCTURE

—–

Full cost base including Depreciation & Amortization

Base

18Vessels

13Vessels

11Vessels

64%

2014 2015

216

147

99G&A EXPENSES—–

(m$)

2013

54%

YEAR END 2013

11,060

7,353

HEADCOUNT (2)

—–

(number

of employees)

YEAR END 2015

34%

862

415TOTAL CAPEX (1)

—–

(m$)

2014 2015

52%

Cost-cutting measures

implemented since 2013

2 7T R A N S F O R M A T I O N P L A N

with GGR representing over 60%

of revenue

and contractual marine acquisition

only 15%

Reduced exposure to marine contract acquisition:

’ Fleet of 5 active vessels

’ 2/3 of our fl eet capacity to be dedicated to multi-client programs

GGR: A unique integrated geoscience

platform with two key businesses

’ Subsurface Imaging & reservoir, a global leading position

’ Multi-Client: combining our latest data acquisition and

subsurface imaging technologies in key locations

Equipment business adjusted to very low volumes

A new Group profi le with a reduced headcount,

lower fi xed cost base and lower Capex needs

’ Additional 13% reduction in headcount

’ Additional $50m cut in Capex, resulting in an almost 50%

year-on-year reduction

A rebalanced company

Acceleration of our Transformation Plan in 2015 and 2016

2 0 1 5 A N N U A L R E P O R T2 8

more than

over

H U M A NR E S O U R C E S

Developing and training our people

Our people work at over 50 locations worldwide. They work

with passion, energy and enthusiasm to overcome our

clients’ challenges. Our Group’s employees demonstrate

excellence, commitment, creativity and team spirit

Since 2014, CGG has been implementing an ambitious Transforma-

tion Plan to adapt our business to the very difficult market conditions

and transform our seismic data acquisition company into an inte-

grated geoscience group, all the while retaining the essence of our

organization. In this difficult context, our human resources remain our

priority. We are implementing a set of actions that allow us to conti-

nue to develop our staff in a working environment characterized by

excellence, innovation and flexibility. The challenges we face force us

to push back the limits and change management is a key priority so

that we can prepare for the future. Our learning culture encourages

us to strengthen our skills. Our University, created in the mid-seven-

ties, has continued to evolve to ensure that the skills of all our em-

ployees continue to improve and develop.

Innovation, in partnership with Universities

The Group has close relations with institutes and universities, the key

drivers behind innovation. We participate regularly in forums and edu-

cational programs that aim to improve awareness of the geosciences

in schools and universities. These partnerships also help us to gain

insight about our technologies so that we can enhance and extend

the range of products and services we offer.

NATIONALITIES

90

10 000DAYS OF TRAINING

at our CGG University

H U M A N R E S O U R C E S 2 9

Developing internal mobility

Against a background of continuous change within our business segments, internal mobility

plays an important role in the creation of multi-disciplinary teams, and helps us respond to

changes in technology. The wealth and diversity of our business segments mean we can offer

our people career moves at our different locations. We encourage individual initiative, so that

each employee determines his or her own career path within our organization to realize their

full potential.

Accompanying skills

development

CGG pursues a strategy for developing its

people and adapting its businesses that

matches the challenges facing us. Today,

it is essential, both for the Group and for

every employee, that we continue to de-

velop the skills and expertise necessary

to adapt to technological changes.

CGG University has been recently restruc-

tured to allow even closer collaboration

between the teams who design our

inhouse training programs and our ope-

rations. In this way, we can identify and

assess the aptitudes and skills required

for each job position on a regular basis.

People development is achieved not only

through training but also through men-

torship programs and coaching, as well

as by widening the scope of assignments

and experiences we give our people to

promote mobility and personal challenges.

www.cgg.com/en/Who-We-Are/Passionate-People

Talented and passionate teams worldwide:�

2 0 1 5 A N N U A L R E P O R T3 0

S U S TA I N A B L E D E V E L O P M E N T

Operating safely

and with integrity

For CGG, sustainable development means the ability to

successfully deliver geoscience services and products

to the market while protecting the environment and caring

for our employees and the communities in which we have the

privilege to operate.

A deeply rooted commitment to Health, Safety,

Environment and Social Responsibility

CGG's structured approach to Health, Safety, Security, Environment

and Social Responsibility is based on a HSE-Operating Management

System complying with guidelines issued by the International Asso-

ciation of Oil & Gas Producers (IOGP).

Our HSE-Operating Management System (HSE-OMS) is implemented

globally, across all our activities; it promotes a proactive approach to

HSE in all of our operations, a focus on high risks and the relentless

pursuit of improvement through learning from incidents and near-

misses. Our HSE-OMS is supported by behavioral programs focusing

on our major safety risks. Security risks are addressed through an

approach based on prevention and deterrence. Our health manage-

ment focuses on fitness to work and on prevention and mitigation of

exposure to health risks. It is tailored to the work environment, taking

into account the new challenges of very isolated areas or region-

specific health exposure.

FIELD HSE TRAINING HOURS DELIVERED

110 000Protection of the environment and social responsibility are important

components of our HSE-OMS. The management of environmental

risks is integrated in our projects to assure that we minimize our envi-

ronmental footprint. Our system promotes an ecodesign approach to

the development of new products and technologies. We also address

community relations and impacts in our projects and seize opportu-

nities to contribute positively to the communities in which we work.

Our HSE-OMS implementation is followed through a global HSE

reporting system and regularly verified through a robust internal

audit program. Our global Sustainable Development reporting is

annually verified by certified third-party auditors.

116BENEFIT FROM GEOSOFTWARE DONATIONS

universities worldwide

www.cgg.com/en/Sustainability/Case-Studies

Discover our HSE case studies: �

S U S T A I N A B L E D E V E L O P M E N T 3 1

Care+Protect

Our Care+Protect program has as an overall objective

the promotion of excellence in HSE & Sustainable

Development. The program seeks to strengthen specific

cornerstones of our HSE-OMS such as leadership and

visibility, risk management, subcontractor management

and competence and training. Each year, CGG recognizes

employees and subcontractors for HSE and Sustainable

Development initiative and excellence through the

Care+Protect Above & Beyond award program.

Ethics and Compliance

CGG defines its ethical standards, core values and

commitments in its Group Values and Business Code of

Conduct. An Ethics Committee supports and oversees

the implementation of the Business Code of Conduct.

CGG has also developed a robust anti-corruption

program which includes due diligence for intermediaries

and suppliers and worldwide anti-corruption training

and communications. This anti-corruption program has

been audited and certified against the Mazars-ADIT Anti-

Corruption Framework®.

3 2 S H A R E H O L D E R I N F O R M A T I O N

SHARE PRICE

CGG

S H A R E H O L D E R I N F O R M AT I O N

PARIS STOCK EXCHANGE (Euronext)

Minimum 2015 share price: €2.44

Maximum 2015 share price: €7.07

Closing price, 12/31/2015: €2.68

NEW YORK STOCK EXCHANGE (NYSE)

Minimum 2015 share price: $2.55

Maximum 2015 share price: $7.98

Closing price, 12/31/2015: $2.80

This document has been drawn up for the general information of shareholders and its content shall

in no way be seen as an offer to purchase or an incentive to acquire Company shares. Nor does it

constitute a Company guarantee of the value of its shares.www.cgg.com/en/Investors

Stay up-to-date:�

Stock Exchange Listing

CGG stock is listed on Euronext Paris (code ISIN FR0000120164), and

on the New York Stock Exchange in the form of American Depositary

Shares (ADS), where one ADS represents one ordinary share. ADS are

issued by the Bank of New York Mellon and are listed under the ticker

symbol ‘CGG’. As of 31 December 2015, CGG stock was trading at

€2.68 and one ADS was worth US$2.80.

Share Capital

As of 31 December 2015, the Group’s share capital totaled €70,826,076

comprising 177,065,192 shares with a face value of €0.40.

2016 Annual Shareholders’ Meeting

The Annual Shareholders’ Meeting will take place on 27 May 2016 at

9:30 am at the Centre de Conférences Etoile St-Honoré, 21-25, rue

Balzac Paris 75008, France.

Dividends

There are no plans to propose the payment of a dividend for the 2015

fiscal year at the Annual Shareholders’ Meeting.

CGG Investor Relations

Tour Maine-Montparnasse – 33, avenue du Maine

BP 191, 75755 Paris Cedex 15 – France

Tel. : +33 1 64 47 38 31 – e-mail : invrel@cgg.com

Socially Responsible Investment

CGG is committed to Sustainable Development (SD) and Corporate

Social Responsibility (CSR). In 2015, the Group renewed its presence

in the following indexes: DJSI World and Europe, Ethibel Pioneer and

Excellence Investment Registers. These global indexes are intended

to estimate the best corporate social responsibility performance.

Investor Relations

A copy of the 2015 annual report filed with the Autorité des Marchés

Financiers (AMF) and Form 20F as filed with the Securities and Ex-

change Commission (SEC) and other available company documents

will be sent free of charge to any investor on written application to

the CGG Investor Relations Department. Group financial information

is also available on our website at www.cgg.com

Commissaires aux Comptes

ERNST & YOUNG

Tour First – 1, place des Saisons

92037 Paris La Défense Cedex

France

MAZARS

61, rue Henri-Regnault

92400 Courbevoie

France

CGG has also been a member of the United Nations Global

Compact since 2007.

Image credits: CGG photo library, Sercel photo library, Dominique Lecuivre, Ronan Donovan,

Ken Childress, Gérard Uféras, iStock/dlewis33, all rights reserved.

Design of the magazine section: Purple pop

Published by: RR DONNELLEY

This document is printed on Creator Silk and Coral Book paper, processed chlorine free and certified PEFC.

10-31-1291