CGGVeritas (ISIN: FR0000120164 - NYSE: CGV) announced today that it has acquired 30.9 million shares of Eastern Echo Holding plc (ECHO NO) for a total consideration of approximately NOK 431 million, representing 12.67 percent of Eastern Echo’s issued share capital.
Our intent, with this minority stake, is to best position the CGGVeritas Group, and especially Sercel, for continuing cooperation with Eastern Echo in the expanding seismic market.
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: FR0000120164) and the New York Stock Exchange (in the form of American Depositary Shares, NYSE: CGV).
For more information about Eastern Echo Holding plc: http://www.easternecho.org/
CGGVeritas will release its Q3 financial results on Thursday November 15th 2007.