CGGVeritas Wins $250 Million in Contracts

CGGVeritas has recently secured numerous multi-year contracts representing $250 million in new business for exclusive marine and land acquisition surveys along with significant pre-financing commitments for future wide-azimuth multi-client programs in the Gulf of Mexico (GoM).

"The award of these multi-year contracts combined with the strong prefinancing level for our wide-azimuth programs in the GoM are clear indicators of the strength of the market and the increasing demand for high-end seismic services" said Robert Brunck Chairman and CEO of CGGVeritas.

In the Middle East, CGGVeritas has been selected to acquire a large 3D offshore seismic survey located in the Gulf. The vessel CGGVeritas Orion will be mobilized for this survey and will commence acquisition during the fourth quarter of 2007. Work on this project is expected to have an18 month duration with an option for an additional year extension.

In land acquisition, CGGVeritas has been awarded multiple contracts in the North American Arctic region where the HPVA technology for high resolution acquisition will be introduced during the next two winter seasons.