Offshore staff

LONDON --Offshore Hydrocarbon Mapping Plc. has announced a strategic alliance with CGGVeritas regarding CSEM integration opportunities.

"CGGVeritas has recognized the potential of the electromagnetic (EM) technology since its early days and has been very interested by OHM's rapid technological developments and industrial track record," says Robert Brunck, chairman and CEO of CGGVeritas. "We believe that EM technology will continue to develop in the coming years as a recognized hydrocarbon presence confirmation tool and become a natural complement to seismic technology. We are confident that this strategic alliance will allow our two companies to strengthen our complementary activities and better serve our customers through our wide range of imaging technologies".

"The strategic alliance is a defining moment in the history of the development of OHM," says Dave Pratt, Offshore Hydrocarbon Mapping's CEO. "It marks a change from a small technology company to a company with access to global market reach and with the funds to develop the capacity to take advantage of the opportunities this will bring us."

Under the joint operating agreements, CGGVeritas will not increase its shareholding in OHM beyond 15% without making a full public offer for the company, or unless an offer is made by another party.

07/19/2007