Comp Gen Geophys (NYSE:GGY)
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CGG Wins Land Acquisition Backlog Worth $115 Million
PARIS, January 6 /PRNewswire-FirstCall/ -- Compagnie Generale de Geophysique
(ISIN: FR0000120164; NYSE: GGY) announced that it has recently won in
partnership with Elnusa a major land seismic acquisition survey in Indonesia
worth nearly 18 million dollars.
The survey will be acquired over 22 drilling locations in the Tunu field and
cover a surface area of 154 square kilometres of swamp and shallow water. It is
the first significant high-resolution 3D seismic survey to be conducted in the
Mahakam Delta for the specific purpose of enhancing drilling on production
sites. Its experience of a similar project in the Mahakam Delta in 2003 means
that CGG is well qualified to overcome the environmental and technical
challenges of this survey.
With the addition of this new contract, and not including Argas operations,
CGG's land acquisition backlog at the beginning of 2005 stands at a total of
115 million US dollars, representing ten months of activity in 2005.
Dominique Robert, Executive Vice President of CGG's Land Acquisition Services,
said: "The current status of our backlog provides a strong foundation for
confidence in the activity level of the land acquisition segment in the first
half of 2005. The recent series of contracts we have won mark a clear increase
in CGG's land acquisition activity in countries where we have been active in
the recent past. We are in no doubt that with our operating experience in these
challenging areas CGG will provide the best quality and value to its clients."
The information included herein contains certain forward-looking statements
within the meaning of Section 27A of the securities act of 1933 and section 21E
of the Securities Exchange Act of 1934. These forward-looking statements
reflect numerous assumptions and involve a number of risks and uncertainties as
disclosed by the Company from time to time in its filings with the Securities
and Exchange Commission. Actual results may vary materially.
The Compagnie Generale de Geophysique group is a global participant in the
oilfield services industry, providing a wide range of seismic data acquisition,
processing and geoscience services and software to clients in the oil and gas
exploration and production business. It is also a global manufacturer of
geophysical equipment.
DATASOURCE: Compagnie Generale de Geophysique
CONTACT: Christophe BARNINI, +33-1-64-47-38-10,