CGGVeritas (Paris:GA) (NYSE:CGV) announced today that Ardiseis, its
regional joint venture with TAQA in Oman and the wider Middle East
region, has been awarded a three-year firm contract with...
Regulatory News: CGGVeritas (Paris:GA) (NYSE:CGV) announced today that Ardiseis, its regional joint venture with TAQA in Oman and the wider Middle East region, has been awarded a three-year firm contract with an option for a further one-year extension for the high-channel-count, high-productivity 3D land seismic operations it is currently conducting in Oman on behalf of Petroleum Development Oman (PDO). This contract award marks over 20 years of continuous land seismic presence by CGGVeritas in Oman. A step-change in the resolution of the seismic imaging is expected at all subsurface target levels, through implementation of a high-density acquisition configuration deploying the Sercel Nomad 90 vibrator, the highest-force vibrator available in the industry, and the CGGVeritas proprietary high-end broadband vibroseis technique, EmphaSeis. These two new technologies will enable improved penetration of the seismic signal, resulting in a high-density dataset containing frequencies down to 1.5Hz. Jean-Georges Malcor, CEO, CGGVeritas, said: "This contract is a fitting reward for our Ardiseis Oman crew. It has consistently shown total dedication to delivering the highest data quality and productivity while maintaining an impeccable HSE performance, having announced in February 20 million man-hours of continuous operations without a Lost-Time Incident (LTI). We are very proud that this level of survey excellence is the result of the strong commitment we share with both our Ardiseis partner TAQA and our client PDO who have renewed their confidence in our expertise and high-end technologies for the coming years.” About CGGVeritasCGGVeritas (www.cggveritas.com) is a leading international pure-play geophysical company delivering a wide range of technologies, services and equipment through Sercel, to its broad base of customers mainly throughout the global oil and gas industry.CGGVeritas is listed on the Euronext Paris (ISIN: 0000120164) and the New York Stock Exchange (in the form of American Depositary Shares, NYSE: CGV).
CGG Veritas (NYSE:CGV) hit a new 52-week low Monday as it is currently trading at $16.76, below its previous 52-week low of $17.44 with 16,874 shares traded as of 9:38 a.m. ET. Average volume has been 170,700 shares over the past 30 days.