Cggveritas News

In an effort to spread out oil and gas production to other parts of the country and increase overall oil production, Brazil has finally intensified hydrocarbon exploration along its northeastern and northern coasts. These are some of the poorest regions in the country and infrastructure for oil and gas exploration is minimal, yet significant discoveries and seismic indicators of large reservoirs are tantalizing and have attracted major local and foreign investors. Potential for oil discoveries in the area is proven, yet players will be faced by many challenges offshore and on land in order to uncork reservoirs at the Northern Frontier.

Atle Jacobsen, the CEO of Dolphin Geophysical, is, in many ways, a bit of a paradox. An experienced, no-nonsense, veteran of the marine seismic surveying industry, he is also disarmingly easy to “talk shop” with, engaging and has an obvious thirst for new ideas and technology. But the core contradiction lies in his approach to business. This is a man that shows no qualms about ripping up the rulebooks and making brave decisions, but at the same time there is a steadfast caution that underpins the very essence of the Dolphin business model.

CGGVeritas has conducted first BroadSeis Surveys offshore Shenzen in the South China Sea. The deepwater surveys of two areas offshore Shenzhen in the east of the South China Sea were awarded to CGGVeritas by Chinese seismic services company, COSL (China Oilfield Services Limited), on behalf of its parent company, the Chinese national oil company, CNOOC. Data processing is already underway in the CGGVeritas Singapore center and is expected to be delivered by the end of 2012. The…

SpiceRack: CGGVeritas & Saudi Aramco join in major R&D collaboration to develop seabed seismic acquisition. Five months after CGGVeritas  and Saudi Aramco signed a Memorandum of Understanding (MOU) for collaborative research and the development of geophysical acquisition, processing, analysis and interpretation technologies, the two companies have entered into a collaboration to conduct a major joint R&D project, known as SpiceRack, intended to herald a new innovative solution for seabed seismic acquisition. Under the terms of the SpiceRack project, CGGVeritas and Saudi Aramco will work in close partnership to develop, manufacture, and commercialize an innovative robotized solution for seabed seismic acquisition.

CGGVeritas provides its seismic survey vessel utilization & fleet allocation updates for the third quarter 2012. 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. •    The vessel availability rate1 was 93%. This compares to a 91% availability rate in the third quarter of 2011 and a 91% rate in the second quarter of 2012. •    The vessel production rate2 was 90%. This compares to a 93% production rate in the third quarter of 2011 and a 91% rate in the second quarter of 2012. During the third quarter of 2012, our 3D vessels were allocated 72% to contract and 28% to multi-client programs.

CGGVeritas announces acquisition of Fugro’s Geoscience Division (excluding its Multi-Client library and nodes businesses) & the creation of strategic partnerships. With this agreement, CGGVeritas will become a fully integrated Geoscience company establishing a leading position in the fast growing high-end integrated geology and geophysics and reservoir market. The transaction will also strengthen and extend its existing equipment and acquisition businesses, in particular with the addition of four high-end 3D vessels. •    The creation of a Seabed Joint-Venture,  which will be 60%-owned by Fugro after payment of €225 million to CGGVeritas. •    A commercial agreement for CGGVeritas to sell Fugro’s existing Multi-Client data, which remains owned by Fugro.

ULSTEIN delivered the seismic research vessel Oceanic Sirius to Eidesvik and CGGVeritas on 3 October. Oceanic Sirius is designed and built in accordance with strict environmental standards and equipped with state-of-the-art technology for advanced seismic research operations. She is owned by a joint venture between Eidesvik and CGGVeritas. The vessel was named in a ceremony in Ulsteinvik on 1 October. Oceanic Sirius is sister vessel to the Oceanic Vega, delivered by ULSTEIN in July 2010.

Offshore Ship Designers has been chosen to design a series of six new fuel-efficient seismic support/chase vessels ordered by French offshore major Bourbon to be built at Dubai’s Grandweld Shipyards. The 53 m vessels will have hybrid propulsion systems, slow speed escort and support work, and a high degree of maneuvrability. The vessels will be chartered by Bourbon to CGGVeritas with delivery of the first vessels set for the end of 2012. They will be used to support the fleet of CGGVeritas seismic survey vessels operating all over the world, providing them with services including crew change, fuel delivery, storage, assistance and support during at-sea maintenance operations. •    Transfer of fuel, potable water, dry and refrigerated stores and general cargo to the mother ship.

BOURBON has announced the signing of a five-year marine charter agreement with CGGVeritas for six new seismic support and assistance vessels that will be delivered at the end of 2012. Following a tender procedure, BOURBON has decided to build these vessels at Grandweld Shipyards in Dubai. These vessels will be used to support the fleet of CGGVeritas seismic survey vessels operating all over the world, providing them with the requisite ancillary services including crew change, fuel delivery, storage, assistance and support during in-sea maintenance operations. These 53-meter-long vessels will have hybrid propulsion consisting of two classic diesel engines to move at speed for transit work and two electric engines that are very precise and economical in terms of energy…

Chariot Oil & Gas Ltd  reported that on block 2714A, offshore Namibia, another seismic program has started. Enigma Oil & Gas Exploration (Pty) Limited, the company's wholly owned subsidiary, has agreed to the programme after the farm-out with Petrobras recently. Petrobas will pay 50% of the costs of this survey and will help acquire another 1,500 sq km of 3D seismic on the block. External seismic data will be provided by CGGVeritas, a geophysical services group and the data acquisition will take about three months, thereafter it will be processed and interpreted. The previously acquired 3D seismic is also being processed by CGGVeritas.

CGGVeritas (ISIN: 0000120164 - NYSE: CGV) announced today it will make a voluntary exchange tender offer for 100% of the shares of Wavefield Inseis ASA ("Wavefield") (OSE: WAVE). Wavefield is a Norwegian pure-play seismic company which operates a fleet of 8 vessels and develops geophysical equipment based on fiber optic technology. In the third quarter 2008, Wavefield revenue was $110m, and operating income was $37m. The transaction strengthens CGGVeritas' fleet capability with immediate access to five recently equipped high capacity 3D vessels. The additional complement of three mid 3D and 2D Wavefield vessels increases overall fleet management flexibility.

CGGVeritas and Eidesvik Offshore ASA have entered into an agreement for the supply of two large seismic vessels to be newly built, with a total contract value of approximately $420m. The two vessels will be of an extremely advanced specification, incorporating many unique features, based on the most recent X-BOWdesign of Ulstein Design AS, and will be delivered in 2010 under 12-year time charter agreements. These two high-capacity vessels are components of CGGVeritas' strategy of progressive fleet renewal, involving the staged retirement of the former generation of lower capacity vessels in conjunction with the introduction of these new platforms.