CGGVeritas Announces Largest Marine Wide-Azimuth Award

Thursday, Sep 02, 2010

CGGVeritas (ISIN: 0000120164 – NYSE: CGV) announced today that it has been awarded by Pemex a more than 150M$ contract extension to acquire a 3D wide–azimuth (WAZ) program in the Mexican waters of the Gulf of Mexico which will be extended to 18,000 square kilometers.

The total survey, which is above 200M$, will be the first WAZ contract of this scale in Latin America and one of the largest in the world.

It is expected to start in October 2010 for a period of 300 days. Two CGGVeritas 3D seismic vessels, the Vanquish and the Oceanic Vega, the new X-BOW® seismic vessel, as well as two source vessels, will be allocated to this significant wide-azimuth program in the Gulf of Mexico.

Jean-Georges Malcor, CEO of CGGVeritas, said: “Along with the successful collaboration between Pemex and CGGVeritas on our current multi-year marine program, we are very pleased to have been awarded this very important WAZ contract extension.
 
Our high-end fleet, with its combination of Sentinel solid streamers and Nautilus streamer steering devices, reinforced by our advanced imaging technology and our leading experience in wide-azimuth offshore operations will bring unique benefits to this new program. This award further confirms the technological leadership of CGGVeritas in addressing the needs of the expanding high-end technology segment of the seismic industry.”

Source: CGGVeritas