SpiceRack: CGGVeritas And Saudi Aramco Enter Into Major R&D Collaboration To Develop New Solution For Seabed Seismic Acquisition
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,...
Regulatory News: 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.”
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.