CGGVeritas Provides Update on Recently Awarded Contracts
NYSE: CGV) announced today that it has been awarded two long-term seismic acquisition contracts by BP to undertake multiple high-end marine 3D, wide-azimuth and 4D seismic surveys. CGGVeritas has also received a letter of cancelation from PDVSA relating to the previously announced six month land 3D seismic survey in Venezuela.
For BP, the first contract encompasses an Arctic Ocean exploration 3D survey in the Canadian Beaufort Sea. This project, with an option to extend for a second season, is expected to commence in the summer of 2009. The second long-term contract comprises multiple wide-azimuth and 4D reservoir management surveys in the Gulf of Mexico. This GoM program is expected to commence early in 2009, with part of the program being acquired in 2010 and includes options for further extensions. The total value of these new BP contracts, not including optional extensions, is expected to be approximately $130 million.
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 SA (ISIN: 0000120164) and the New York Stock Exchange (in the form of American Depositary Shares, NYSE: CGV).
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