×

CGG Acquires Taurus Reservoir Solutions

PARIS, April 22, 2015 (GLOBE NEWSWIRE) -- CGG announced today that its GeoConsulting Business Line has acquired Taurus Reservoir Solutions Ltd., based in Calgary. Taurus offers reservoir and geomechanical simulation and engineering technology along with consulting services to the global petroleum industry. With an offering that spans single-well to large field-scale solutions, Taurus brings new subsurface understanding to both conventional and unconventional reservoirs.

CGG's GeoConsulting Business Line offers a broad range of geological and geophysical (G&G) consulting services and non-exclusive products to the E&P industry. The addition of Taurus will strengthen CGG's G&G expertise and help clients make more informed decisions across the E&P lifecycle, from where to drill and how to best complete wells, to optimizing production over the life of the field.

Sophie Zurquiyah, Senior Executive Vice President, Geology, Geophysics & Reservoir, CGG, said: "We are delighted to extend the scope of our Geoscience portfolio further towards the reservoir with the geomechanical and engineering capabilities of Taurus. The leadership Taurus has developed globally in its domain fully aligns with CGG's culture and the addition of its technology and expertise will enable us to further assist our customers in meeting their increasingly complex reservoir development and production challenges through tighter integration of the geoscience and engineering disciplines."

Dr. Tony Settari, President and co-founder of Taurus, added: "We are very pleased to join CGG and look forward to bringing our technology and expertise in geomechanics, classical reservoir engineering and fracturing to the Geoscience portfolio of CGG. This unique combination will yield solutions that better address the most difficult subsurface challenges and enable oil and gas companies to further reduce the risks and costs associated with the production of hydrocarbons."

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 8,500 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/1912954/683097.pdf

HUG#1912954

Source: CGG