CGGVeritas Announces Creation of Marine Joint Venture with Elnusa
PARIS, France – May 20th 2011
CGGVeritas (ISIN: 0000120164 – NYSE: CGV) announced today that it has signed an agreement with PT Elnusa Tbk (Elnusa) to create a marine joint venture company. The newly established company, PT Elnusa-CGGVeritas Seismic, is 51% owned by Elnusa and 49% owned by CGGVeritas and will deliver 2D and 3D marine seismic acquisition services to oil and gas company clients mainly operating in Indonesia and the Region.
PT Elnusa-CGGVeritas Seismic will operate the first Indonesian-owned and flagged seismic vessel, the Elnusa Finder. The Elnusa Finder was purpose-built in Singapore and is equipped with four Sercel solid streamers. She is scheduled to conduct her first commercial survey in Indonesia starting in May, 2011, near Madura Island in East Java, on behalf of Husky Oil.
Jean-Georges Malcor, CEO of CGGVeritas, said: “The Indonesian and regional oil and gas E&P industry has significant potential for growth. Our new joint venture will enable our long-term partner, Elnusa, to expand its capability in marine seismic services by building on local expertise and offering the benefits of the latest CGGVeritas seismic technology to regionally established clients.”
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 the Euronext Paris (ISIN: 0000120164) and the New York Stock Exchange (in the form of American Depositary Shares, NYSE: CGV).
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