Struggling seismic surveyor CGG has knocked back a £1.2billion takeover bid from French energy services giant Technip amid a nosedive in oil prices that has sparked a sector-wide consolidation drive.
Technip, which has about 1,400 staff at its Aberdeenshire headquarters in Westhill, made the approach earlier this month.
Commenting yesterday on its decision to rebuff the offer, CGG said that "the conditions to pursue were not met."
Technip has approached seismic contractor CGG about a potential merger.
The French services company confirmed it wanted to enter into a "contstructive dialogue" with CGG regarding the integration and development of its reservoir, data processing and seismic activities with Technip.
However, a short statement released by CGG appears to dismiss the offer.
