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Seismic Development
01 Sep 2006
Paris-based Compagnie GUnUrale de GUophysique (CGG) has announced that it is to acquire US competitor Veritas in a 2.4bn takeover that will create a giant in the supply of geophysical and seismic survey services to the worldwide oil and gas industry.
The new CGG-Veritas grouping will have a turnover of around 1.8Bn and control an estimated 30% of global geophysical market requirements.
According to sources in Paris, it plans to operate 20 specialised vessels including 14 highcapacity 3D ships and a further three chartered from Louis Dreyfus Armateurs:
CGG Fohn, CGG Harmattan and CGG Alize.
The work of CGG and Veritas concerns detailed acquisition of seismic data for locating new fields or enhancing existing ones.
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