CGGVeritas and JSC Geotech Holding (Geotech) announce, that today they have signed a term sheet to create a joint venture to operate 2D and 3D marine seismic vessels, primarily in Russian and CIS waters.
The joint venture will provide marine seismic data acquisition and processing services for the oil and gas clients operating locally in Russia and CIS. CGGVeritas will make available one 2D ice class vessel and one 3D ice class vessel, to the joint venture.
Jean-Georges Malcor CEO of CGGVeritas, said: “At a time when Russian and CIS Arctic exploration and production is becoming more and more important, we are very pleased to sign this joint venture agreement with Geotech. Entry to this very important Russian and CIS offshore market is a significant step forward for CGGVeritas. Our Joint Venture with Geotech, the leading seismic company in Russia and the CIS, creates a solid foundation for future growth in the region”.
Nikolai Levitsky, President of JSC Geotech holding said: “The Joint Venture with CGGVeritas enables Geotech to significantly strengthen its leadership positions in the Russian market and move to a new level of development thanks to using the leading global offshore seismic technologies”.
*CIS: Commonwealth of Independent States: an alliance made up of states that had been Soviet Socialist Republics in the Soviet Union prior to its dissolution in Dec 1991
CGGVeritas 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).
About Geotech Holding
Geotech is one of the largest onshore seismic service providers in the world. Geotech employs over 12,000 people, including highly qualified specialists in their various fields of expertise. The Company develops certain proprietary processes and technologies and manufactures globally recognized specialized equipment. Geotech is also active in exploration and development drilling and intends to expand this service offering further in the future.
Source:CGGVeritas, February 25, 2011;