CGG Announces Two Major Ocean Bottom Cable Contract Awards
PARIS, France – January 11th 2010
CGGVeritas (ISIN : 0000120164 – NYSE : CGV) announced today that ARGAS, its Saudi Arabian joint venture owned 49% by CGGVeritas and 51% by TAQA, has been awarded two major Ocean Bottom Cable (OBC) 3D data acquisition contracts by Saudi Aramco. The two contracts have a combined value of around $375 million.
The first project is scheduled to start in June 2010 and operate for a period of 18 months while the second is scheduled to run from October 2010 for a period of 24 months; each contract respectively has an 18- and 24-month optional extension period.
The projects will cover an initial 6,000 sq km over the next three years and require operational expertise working in complex environments, such as producing oil fields and busy shipping lanes within the Saudi waters of the Gulf with depths ranging from 20 to 60 meters.
ARGAS will mobilize two fully independent OBC crews equipped with the latest Sercel SeaRay 4C equipment and recording systems. These fully offshore operations will be managed through a fleet of vessels equipped with CGGVeritas deployment and positioning systems geared to operate in such environments.
According to Robert Brunck, Chairman and CEO of CGGVeritas: “We are very pleased that Saudi Aramco is continuing its long-term relationship with CGGVeritas through this new award to our ARGAS joint venture with TAQA. These two major OBC surveys follow on from the successful completion by ARGAS of offshore projects for Saudi Aramco in 2009 which already covered close to 12,000 sq km in the Gulf. They also confirm the position of CGGVeritas as a worldwide leader in OBC acquisition.”
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 (ISIN: 0000120164) and the New York Stock Exchange (in the form of American Depositary Shares, NYSE: CGV).
About Saudi Aramco
Owned by the Saudi Arabian Government, Saudi Aramco is a fully-integrated, global petroleum enterprise, and a world leader in exploration and producing, refining, distribution, shipping and marketing. The company manages proven reserves of 260 billion barrels of oil and manages the fourth-largest gas reserves in the world, 263 trillion cubic feet.
In addition to its headquarters in Dhahran, Saudi Arabia, Saudi Aramco has affiliates, joint ventures and subsidiary offices in China, Japan, the Netherlands, the Republic of Korea, Singapore, Malaysia, the United Arab Emirates, the United Kingdom and the United States. For more information, go to www.saudiaramco.com.
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