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CGGVeritas Announces BroadSeis Award With BroadSource Broadband Source For Johan Sverdrup Discovery In Norway

Stocks in this article: CGV GA

Regulatory News:

CGGVeritas (Paris:GA) (NYSE:CGV) announced today that it has been awarded a contract by Lundin Petroleum to conduct a survey of over 2,700 km 2 with BroadSeis™, its broadband marine solution, using for the first time its broadband source option, BroadSource™. The survey of the Haugaland High in Quadrant 16 of the Norwegian sector of the North Sea started in May 2012 and is expected to last 3.5 months. This survey covers the fields formerly known as Luno and Avaldsnes which were renamed as Edvard Grieg and Johan Sverdrup in early 2012. The Johan Sverdrup is widely estimated to be the largest oil discovery in Norway in recent years.

BroadSeis was selected for this project as a direct result of several successful commercial surveys conducted by Lundin at the same location in 2011 which confirmed the technical and operational performance of BroadSeis. There was extremely positive R&D collaboration between both companies on acquisition and processing aspects and this latest BroadSeis survey will see the first pre-commercial deployment of BroadSource™, in order to achieve widest-bandwidth ghost-free data.

Hans Christen Rønnevik, Exploration Manager of Lundin said: "The implementation of Broadband technologies represents a major step change in marine seismic acquisition, with technological breakthroughs opening avenues to new knowledge and exploration opportunities.”

Jean-Georges Malcor, CEO, CGGVeritas, said: “We are very proud that Lundin, one of the most successful oil and gas companies these past years, have selected to benchmark our BroadSeis solution with the new broadband source option, BroadSource, from among the latest high-end techniques available. We are confident that we will achieve the best possible resolution and imaging quality for the high-potential Edvard Grieg and Johan Sverdrup discoveries. With our impressive track record of over 30 successful surveys conducted in the last eighteen months, BroadSeis is without doubt the best, proven broadband technology available in the industry today.”

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