This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

CGG : CGG And Sovcomflot Announce Arctic 3D Seismic Joint Venture

PARIS, June 19, 2014 (GLOBE NEWSWIRE) -- CGG, world leader in Geoscience, and Sovcomflot, Russia's largest energy shipping company, announced today that they have signed an agreement to form a joint venture company dedicated to conducting high-end 3D marine seismic acquisition services with a focus on Arctic and sub-Arctic waters.

The joint venture, to be called Arctic Geophysical Exploration (AGE), will be 51 per cent owned by Sovcomflot and 49 per cent owned by CGG. The company will be incorporated in Russia with its headquarters in Moscow. Under the terms of the agreement, CGG will charter a fourteen-streamer ice-class vessel while Sovcomflot will add the capabilities of an eight-streamer ice-class vessel.

The primary aim of the joint venture company is to offer world-class 3D marine seismic acquisition services to operators during the Arctic navigation season. In addition, the new company will offer its highly advanced vessel capabilities to the international market for the remainder of the year while benefiting from access to the most advanced seismic technologies from CGG's worldwide operational and technical support.

CGG and Sovcomflot will have a combined total of four vessels scheduled to operate on client projects during the 2014 Arctic navigation season and expect the joint venture to be fully operational by Q4 2014 in order to capture the growing 3D seismic market in this region.

Jean-Georges Malcor, CEO, CGG, said: "The Russian Arctic is an exciting new frontier that has increasingly shown its potential over the last two years. By bringing together the two companies' strong HSE cultures, Sovcomflot's considerable Arctic maritime experience and Russian presence along with CGG's expertise as a leading technology provider, we believe this joint venture will create a strong vehicle for growth in this demanding region."

Sergey Frank, President & CEO, OAO Sovcomflot, said: "By combining Sovcomflot's in-depth knowledge and experience of operating in the Arctic with CGG's global expertise in marine seismic operations, we have created a powerful new Russian marine seismic company able to meet the most demanding technical and operational challenges of the Arctic region, whilst also being able to offer a competitive range of seismic services internationally."

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,634.77 -48.81 -0.28%
S&P 500 2,067.19 -1.57 -0.08%
NASDAQ 4,963.8170 -28.1230 -0.56%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs