Regulatory News: CGGVeritas (Paris:GA) (NYSE:CGV) announced today the commercial launch of BroadSource™, its broadband marine seismic source. BroadSource is a natural complement for BroadSeis™, its industry-proven broadband marine seismic solution, to produce unrivalled images of the subsurface. BroadSource combines a synchronized multi-level source with processing algorithms that fit seamlessly into the BroadSeis workflow to fill the source ghost notch. This innovative approach generates the same low frequencies as a deep-towed conventional source and extends the spectrum to higher frequencies, providing better resolution and clearer images of the subsurface. BroadSource reinforces the benefits of BroadSeis to deliver the ultimate in high-resolution, broad-bandwidth, ghost-free seismic data, achieving a bandwidth of 2.5-200Hz. The combination further improves BroadSeis image quality with a sharper broadband wavelet which clearly resolves thin beds. The best-in-class low-frequency content reveals geological details, such as layering and subtle facies and fluid variations. BroadSource has already seen successful precommercial deployment with impressive results for a BroadSeis survey conducted this summer for Lundin Petroleum in the Norwegian sector of the North Sea. The new broadband source will be gradually deployed on the BroadSeis fleet on demand. Jean-Georges Malcor, CEO, CGGVeritas, said: "In the rapidly evolving marine acquisition market, CGGVeritas confirms its broadband seismic commitment and leadership. BroadSource is already generating considerable interest after a promising pre-commercial survey and will ensure that BroadSeis continues to be the benchmark broadband marine solution.” 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.