Offshore staff

PARIS -- CGGVeritas and Eidesvik Offshore ASA have agreed on the supply of two seismic vessels to be newly built, with a total contract value of $ 420 million. The two vessels will be advanced, incorporating features based on the most recent X-BOW design of Ulstein Design AS, and will be delivered in 2010 under 12-year time charter agreements.

"We are extremely pleased to partner with Eidesvik Offshore ASA and Ulstein Design AS to introduce these vessels into our fleet and to further strengthen the relationship between our companies," says Robert Brunck, Chairman and CEO of CGGVeritas. "The exclusive vessel design, with its superior technical capabilities and advanced features, aims to significantly improve the productivity of our marine operations and to provide our customers with the most advanced technology for conducting wide-azimuth, high-resolution exploration and production seismic surveys in the most environmentally friendly manner."

CGGVeritas and Arrow Seismic ASA also announced they have agreed to cancel the negotiation for a 12-year Bare Boat charter as outlined in the LOI dated Dec. 2006.

07/2/2007