Regulatory News: CGGVeritas (Paris:GA) (NYSE:CGV) announced today the signature of a framework agreement with JSC SEVMORNEFTEGEOFIZIKA (SMNG) to form a strategic alliance. Together, CGGVeritas and SMNG intend to jointly address the growing Russian and CIS high-end seismic vessels market and coordinate their complementary capacities worldwide. SMNG is the largest marine geophysical company in Russia and the CIS and provides a wide range of marine geophysical services worldwide, including 2D/3D marine seismic acquisition, navigation and positioning services, seismic data processing and integrated interpretation of seismic data. Jean-Georges Malcor, CEO, CGGVeritas, said: “ At a time whenseismicRussian and CIS exploration is becoming increasingly important, we are very pleased to sign this strategic alliance with SMNG, the leading marine geophysical company in Russia and the CIS. It creates a solid foundation for future growth in the region.” About CGGVeritas CGGVeritas ( 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.