CGG Wins Land Acquisition Backlog Worth $115 Million
January 06 2005 - 12:00AM
PR Newswire (US)
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,
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