Compagnie Générale de Géophysique: Closing of Thales Seismic Equipment Business Acquisition by CGG

Compagnie Générale de Géophysique: Closing of Thales Seismic Equipment
Business Acquisition by CGG


PARIS, January 6 /PRNewswire/ --     Compagnie Générale de Géophysique (ISIN:
FR0000120164; NYSE: GGY)
announced today that on January 2, 2004 its wholly owned subsidiary Sercel
finalised the acquisition of the seismic equipment business of Thales
Underwater Systems (TUS), as previously announced on December 11, 2003.
Principally located in Australia, this business includes the development and
manufacturing of surface marine seismic acquisition systems, particularly
solid streamers, and seabed marine seismic acquisition systems.



    The transaction is valued at EUR 25 million, of which EUR 22 million were
paid in cash at the closing of the deal. TUS's seismic equipment business
will be consolidated within the CGG Group from January 1, 2004 and should
represent an additional yearly revenue of the order of the transaction value
and a level of profitability similar to that of Sercel's present marine
equipment activity. A total of 95 employees are joining Sercel, including, in
particular, a highly skilled Research & Development Division and a
manufacturing unit with a proven industrial expertise.



    Thierry LE ROUX, President of Sercel declared: "The arrival of the TUS
seismic equipment business within SERCEL brings us 10 years of experience in
the development of marine seismic equipment. Furthermore, the technological
portfolio of TUS, especially in the seabed equipment domain, complements our
know-how in this growing market."



    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 Générale de Géophysique 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.



    Internet: www.cgg.com.



DATASOURCE: Geophysique



Christophe PETTENATI AUZIERE [phone], 
Christophe BARNINI [phone],  Email: [e-mail],  

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