Compagnie Generale de Geophysique Closing of Thales Seismic Equipment Business Acquisition By CGG
January 06 2004 - 12:00AM
PR Newswire (US)
Compagnie Generale de Geophysique Closing of Thales Seismic
Equipment Business Acquisition By CGG PARIS, Jan. 6
/PRNewswire-FirstCall/ -- Compagnie Generale de Geophysique (ISIN:
FR0000120164 ; NYSE: GGY) announced today that on January 2, 2004
its wholly owned subsidiary Sercel finalized 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 25 million euro, of which 22 million euro
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 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
Pettenati Auziere, +33-1-64-47-36-75, or Christophe Barnini,
+33-1-64-47-38-10, or Web site: http://http//www.cgg.com
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