CGGVeritas Provides Update on Recently Awarded Contracts.PARIS Paris, in Greek mythology Paris or Alexander, in Greek mythology, son of Priam and Hecuba and brother of Hector. Because it was prophesied that he would cause the destruction of Troy, Paris was abandoned on Mt. -- Regulatory News: CGGVeritas (ISIN: 0000120164) (NYSE NYSE See: New York Stock Exchange : CGV) (Paris:GA) announced today that it has been awarded two long-term seismic acquisition contracts by BP to undertake multiple high-end marine 3D, wide-azimuth and 4D seismic surveys. CGGVeritas has also received a letter of cancelation can·ce·la·tion n. Variant of cancellation. from PDVSA PDVSA Petroleos De Venezuela, SA relating to the previously announced six month land 3D seismic survey in Venezuela. For BP, the first contract encompasses an Arctic Ocean exploration 3D survey in the Canadian Beaufort Sea. This project, with an option to extend for a second season, is expected to commence in the summer of 2009. The second long-term contract comprises multiple wide-azimuth and 4D reservoir management surveys in the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east . This GoM program is expected to commence early in 2009, with part of the program being acquired in 2010 and includes options for further extensions. The total value of these new BP contracts, not including optional extensions, is expected to be approximately $130 million. 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 SA (ISIN: 0000120164) and the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. (in the form of American Depositary Shares, NYSE: CGV). |
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