CGG announces major commitment to StagSeis program in Gulf of Mexico

CGG announces major commitment to StagSeis program in Gulf of Mexico

PARIS -- CGG has announced another major commitment to its Gulf of Mexico StagSeis multi-client program with the prefunding of the entire 871-offshore-block program by an international E&P company.

Representing over 20,000 sq km, this new full-program commitment for all three StagSeis surveys, IBALT, DEUX and TROIS, comes in addition to significant prefunding by several other E&P companies.

StagSeis is a CGG multi-client solution that combines a patented marine acquisition configuration with the industry's most advanced subsurface imaging technology to provide remarkable images of the subsurface. CGG completed acquisition of the StagSeis program in October and all vessels are now active on other client-funded projects

"This decision by our client to select StagSeis and prefund the entire acreage, especially considering current weakening market conditions and reductions in spending, clearly establishes the industry's preference for StagSeis and illustrates its critical contribution to our clients' E&P decisions. As a CGG client recently stated in one of its investor presentations, StagSeis brings a step change in subsalt imaging that increases confidence in well locations and accelerates the maturation of prospects," Jean-Georges Malcor, CEO of CGG, said.

Imaged by CGG, and covering the complex subsalt plays in select locations of Garden Banks, Keathley Canyon, Walker Ridge and Green Canyon, the StagSeis solution is an optimal tool to help oil and gas companies best manage their E&P programs and make informed decisions on the large number of lease blocks to be auctioned in the Gulf of Mexico through 2020.