Five months after CGGVeritas (Paris:GA) (NYSE:CGV) and Saudi Aramco signed a Memorandum of Understanding (MOU) for collaborative research and the development of geophysical acquisition, processing, analysis and interpretation technologies, the two companies have entered into a collaboration to conduct a major joint R&D project, known as SpiceRack TM, intended to herald a new innovative solution for seabed seismic acquisition.
Under the terms of the SpiceRack project, CGGVeritas and Saudi Aramco will work in close partnership to develop, manufacture, and commercialize an innovative robotized solution for seabed seismic acquisition. Based on the deployment of self-propelled recording nodes, this innovative solution is expected to lead to a step-change in the efficient delivery of reservoir quality seismic data.
Both companies will draw on their extensive seismic acquisition experience and allocate resources to the SpiceRack project. CGGVeritas will strengthen already close ties with the King Fahd University of Petroleum and Minerals, Dhahran, Saudi Arabia. CGGVeritas will also establish a Center of Excellence for Automation in Geophysical Acquisition within the new technology center to be jointly opened in the Dhahran Techno Valley with ARGAS, its Saudi joint venture with TAQA.Jean-Georges Malcor, CEO, CGGVeritas, said: “We are excited to announce the launch of this major joint R&D project, which we believe has far-reaching implications for the future of our industry. We are also proud to be taking the lead in spearheading high tech geophysical research with Saudi Aramco, whom we have served as a geophysical partner for over four decades. We trust that SpiceRack will be the first of many successful R&D initiatives pursued by our two companies.” Thierry Brizard, Executive Vice President, Technology, CGGVeritas, added: “Our commitment to R&D and innovation has been an important driver throughout our 80-year history. We have a global R&D network of 550 researchers and actively pursue R&D partnerships, either with clients or with academia, to develop Integrated Technology Solutions such as SpiceRack. This strategy ensures that CGGVeritas remains at the forefront of geophysical technology.”
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV