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4-Traders Homepage  >  Equities  >  Euronext Paris  >  CGG    CGG   FR0013181864

CGG (CGG)

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CGG VERITAS : CGGVeritas Announces First BroadSeis Award in the Americas

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05/25/2011 | 07:35am CET

Regulatory News:

CGGVeritas (Paris:GA) (NYSE:CGV) (ISIN: 0000120164 - NYSE: CGV) announced today that is has signed a contract with Bahamas Petroleum Company PLC to acquire a 3D survey with BroadSeisTM, its superior broadband marine solution.

The survey area, located to the south west of the Bahamas, covers approximately 3,000 km2. The CGGVeritas Viking will acquire the survey starting in May. The full range of frequencies recorded by BroadSeis are expected to provide higher-resolution imaging of Tertiary and Upper and lower Cretaceous formations as well as helping to illuminate the deep Cretaceous-Jurassic reservoir targets which lie beneath the major thrust structures.

Jean-Georges Malcor, CEO of CGGVeritas, said: "This survey is notable for being the first marine 3D survey ever recorded in Bahamas waters and is the first commercial deployment of BroadSeis in the Americas. This award confirms the continued growing interest in the ability of BroadSeis to provide unparalleled resolution and penetration for clearer imaging and reservoir characterization."

About CGGVeritas

CGGVeritas (www.cggveritas.com) is a leading international pure-play geophysical company delivering a wide range of technologies, services and equipment through Sercel, to its broad base of customers mainly throughout the global oil and gas industry.

CGGVeritas is listed on the Euronext Paris (ISIN: 0000120164) and the New York Stock Exchange (in the form of American Depositary Shares, NYSE: CGV).

Investor Relations Contacts:
CGGVeritas
Paris:
Christophe Barnini, +33-16-447-3811
invrelparis@cggveritas.com
or
Houston:
Hovey Cox, +1-832-351-8821
invrelhouston@cggveritas.com


© Business Wire 2011
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Sales 2016 1 319 M
EBIT 2016 -153 M
Net income 2016 -373 M
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EV / Sales 2016 2,06x
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