Compagnie Generale de Geophysique Announcement of Senior Note Offering.

Business Editors

PARIS--(BUSINESS WIRE)--Nov. 22, 2000

Compagnie Generale de Geophysique (CGG, Paris Bourse 12016) (NYSE:GGY) announced today an offering of US$170,000,000 aggregate principal amount of its 10-5/8% Senior Notes due 2007 in the international capital markets, the proceeds of which will be used to fund the US$25million cash portion of the acquisition of certain assets from Aker Maritime and to refinance CGG's existing credit facility.

This offering reinforces the long term financial resources of CGG. It marks the completion of the restructuring and strategic repositioning of the Company initiated a year ago which has seen CGG developing its presence in the sectors of geophysical equipment manufacturing through its wholly owned subsidiary Sercel with the acquisition of Geoscience-Syntron and Mark Products, and of marine seismic with the pending addition to its fleet of the two Aker-Geo vessels. These acquisitions being financed principally through issuance of common stock, the Group will, when the transactions with Aker and Louis Dreyfus Armateurs are completed, have reinforced its net equity by an amount of US$314 million in the last year, including the capital increase effected in late 1999 through a public offering with preferential subscription rights.

The Senior Notes offered will not be and have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements thereunder.

The Compagnie Generale de Geophysique group is a global participant in the oilfield services industry, providing a wide range of seismic data acquisition, processing and geoscience services and software to clients in the oil and gas exploration and production business. It is also a global manufacturer of geophysical equipment.

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. This press release contains certain forward-looking statements, including, but not limited to, statements with respect to growth of revenues for 2000 as compared to 1999, our ability to meet our revenue objectives for 2000, the relation of third quarter figures for revenues and backlog to our ability to meet our revenue objectives for 2000, the potential success of our Offshore capability and the success of our marine seismic business. Actual results may differ materially from those projected or implied in the forward-looking statements. Such forward-looking information involves risks and uncertainties that could significantly affect expected results and are based on certain key assumptions. Many factors could cause actual results to differ materially from those projected or implied in any forward-looking statements. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof

The information included herein contains certain forward-looking statements within the meaning of Section 27A of the securities act of 1933 and section 21E of the Securities Exchange Act of 1934. These forward-looking statements reflect numerous assumptions and involve a number of risks and uncertainties as disclosed by the Company from time to time in its filings with the Securities and Exchange Commission. Actual results may vary materially.