Paris, August 29th, 2007
CGGVeritas (ISIN: FR0000120164 - NYSE: CGV) announced today that it has recently secured numerous multi-year contracts representing $250 million in new business for exclusive marine and land acquisition surveys along with significant pre-financing commitments for future wide-azimuth multi-client programs in the Gulf of Mexico (GoM).
“The award of these multi-year contracts combined with the strong prefinancing level for our wide-azimuth programs in the GoM are clear indicators of the strength of the market and the increasing demand for high-end seismic services” said Robert Brunck Chairman and CEO of CGGVeritas.
In the Middle East, CGGVeritas has been selected to acquire a large 3D offshore seismic survey located in the Gulf. The vessel CGGVeritas Orion will be mobilized for this survey and will commence acquisition during the fourth quarter of 2007. Work on this project is expected to have an 18 month duration with an option for an additional year extension.
In land acquisition, CGGVeritas has been awarded multiple contracts in the North American Arctic region where the HPVA technology for high resolution acquisition will be introduced during the next two winter seasons.
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 Eurolist of Euronext Paris SA (ISIN: 0000120164) and the New York Stock Exchange (in the form of American Depositary Shares, NYSE: CGV).