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CGG : CGG Confirms Another Client Commitment to its StagSeis Solution in the Gulf of Mexico

PARIS, Nov. 21, 2014 (GLOBE NEWSWIRE) -- CGG announced today another significant commitment from an Exploration and Production company to its StagSeisTM multi-client solution in the Gulf of Mexico, this time with an earlier prefunder expanding their position. Following completion of acquisition in October, StagSeis presales of all three surveys, IBALT, DEUX and TROIS, have continued to strengthen, both with new companies joining, and with repeat customers increasing their commitments.

Jean-Georges Malcor, CEO, CGG, said: "With eight companies now prefunding StagSeis, including one who recently committed to the entire 871-offshore-block acreage, representing over 20,000 sq. km, we are very pleased with this new client commitment and the overall very strong client interest we are seeing in the program. This high level of underwriting confirms the industry's recognition that StagSeis produces better subsalt images of the most challenging areas of the Gulf of Mexico and validates its superior value."

Imaged by CGG, and covering the complex subsalt plays in select locations of Garden Banks, Keathley Canyon, Walker Ridge and Green Canyon, the StagSeis solution is an optimal tool to help oil and gas companies' best manage their E&P programs and make informed decisions on the large number of lease blocks to be auctioned in the deep water Gulf of Mexico through 2020.

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 Communication
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/1873121/659601.pdf

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Source: CGG