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CGG : exclusive agreement with Gabonese Ministry for vast offshore multi-client program

CGG signs exclusive agreement with Gabonese Ministry for vast offshore multi-client program
CGG will start first phase of 35,000 km2 BroadSeis 3D program in Q4 2014

PARIS, Sept. 29, 2014 (GLOBE NEWSWIRE) -- CGG announced today that it has signed an exclusive multi-client data agreement with the Ministère du Pétrole et des Hydrocarbures of the Republic of Gabon.

As a result of this agreement, CGG is launching a new multi-client survey program to acquire 35,000 km2 of BroadSeisTM 3D data over the latest available and awarded deepwater blocks offshore Gabon and 9,900 km of 2D data over the country's ultra-deep water offshore area. The program, which has already received support from the industry, will be implemented in association with the Direction Générale des Hydrocarbures (DGH).

The first phase of the program covering almost 24,000 km² will start in the fourth quarter of 2014 and is scheduled to last seven months. Two high-end vessels will be assigned to the project to ensure timely delivery of the data. The depth imaging of the seismic data will be performed in CGG's Crawley center in the UK.

Jean-Georges Malcor, CEO, CGG, said: "This exclusive agreement follows on from the support CGG gave the DGH back in 2009 to promote the potential of the deep water offshore Gabon. Now, with the low-frequency enhancement made possible by BroadSeis, our true broadband solution, this new survey program will enable better imaging of Gabon's highly prospective pre-salt plays; it will therefore allow oil companies to better de-risk this exciting new exploration arena and accelerate development of the country's resources."

About CGG

CGG ( www.cgg.com ) is a fully integrated Geoscience company providing leading geological, geophysical and reservoir capabilities to its broad base of customers primarily from the global oil and gas industry. Through its three complementary business divisions of Equipment, Acquisition and Geology, Geophysics & Reservoir (GGR), CGG brings value across all aspects of natural resource exploration and exploitation.
CGG employs over 9,500 people around the world, all with a Passion for Geoscience and working together to deliver the best solutions to its customers.
CGG is listed on the Euronext Paris SA (ISIN: 0000120164) and the New York Stock Exchange (in the form of American Depositary Shares.
NYSE: CGG).

Contacts

Group Communications
Christophe Barnini
Tel: + 33 1 64 47 38 11
E-Mail: : invrelparis@cgg.com
Investor Relations
Catherine Leveau
Tel: +33 1 64 47 34 89
E-mail: : invrelparis@cgg.com

Press Release - pdf version http://hugin.info/142000/R/1858895/651205.pdf

HUG#1858895

Source: CGG