CGG: Sercel takes control of Chinese seismic equipment manufacturer Hebei Junfeng Geophysical Co. Ltd.
November 27 2003 - 12:00AM
PR Newswire (US)
CGG: Sercel takes control of Chinese seismic equipment manufacturer
Hebei Junfeng Geophysical Co. Ltd. PARIS, November 27 /PRNewswire/
-- Compagnie G�n�rale de G�ophysique (ISIN : FR0000120164 ; NYSE
:GGY) announced today that its subsidiary Sercel executed on
November 26th an agreement for the acquisition of a 51% majority
ownership in Hebei Junfeng Geophysical Co. Ltd., the main provider
of geophones and seismic cables for the Chinese seismic market.
Hebei Junfeng Geophysical Co. Ltd., located in the Hebei province,
was originally created by BGP, the largest Chinese geophysical
services contractor. BGP will remain shareholder of the company as
well as management and employees together with XPEIC, a Chinese
geophysical equipment company. Junfeng employs around 500 people
and manufactures nearly 2 millions geophones per year. This
acquisition reinforces Sercel's presence in China, a growing and
promising market for geophysical equipments and will further
strengthen its position in international markets. Sercel, a wholly
owned CGG subsidiary, is the industry leader in seismic acquisition
equipment. 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 G�n�rale de G�ophysique 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 Contacts: Christophe PETTENATI AUZIERE (33) 1 64 47 36
75 Christophe BARNINI (33) 1 64 47 38 10 Email: invrel@cgg.com
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