Sercel Acquires Metrolog
Acquisition Expands Downhole Technology and Expertise
PARIS, France – May 27th 2008
CGGVeritas (ISIN: 0000120164 – NYSE: CGV) announced today that its manufacturing subsidiary Sercel acquired Metrolog, a privately held company. Headquartered in Toulouse, France, and established in 1987, Metrolog is a leading provider of high pressure, high temperature gauges and other downhole instruments to the oil and gas industry. 2007 revenue for the company was $11 million. The acquisition is expected to be accretive to Sercel and to CGGVeritas earnings per share (EPS) in 2008.
"We are very pleased to continue to expand and strengthen our footprint in downhole measurements with the expertise and technology of Metrolog," said Pascal Rouiller, President and CEO of Sercel. "Metrolog developed a unique expertise over the past 20 years, through continuous R&D, for high quality, versatile and reliable downhole instrumentation for challenging well conditions.
The global organization and strong reputation of Sercel will accelerate the expansion of Metrolog technology and we look forward to bringing these state-of-the-art downhole tools to a broader set of customers."
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 Euronext Paris (ISIN: 0000120164) and the New York Stock Exchange (in the form of American Depositary Shares, NYSE: CGV).
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