CGG: Announces Joint Venture with GOSCO for Seismic Services Offshore Ghana

PARIS, Aug. 30, 2016 (GLOBE NEWSWIRE) -- CGG announced today that it has signed an agreement with GNPC Operating Services Company Ltd (GOSCO), an independent Ghanaian E&P services company, to form a joint-venture company dedicated to conducting high-end 2D, 3D and 4D marine seismic acquisition and related services in the territorial waters of the Republic of Ghana.

The primary aim of the joint-venture company, known as GOSCO Geoscience Limited (GGSL), is to make available world-class seismic vessels and state-of-the-art marine seismic acquisition technologies and services to oil and gas industry players operating in Ghana. The new joint venture will be a Ghanaian indigenous company and be based in Accra. Its creation also recognizes and supports the requirement for knowledge transfer and capacity-building in the Ghanaian E&P industry as well as the need for safe and efficient oil and gas operations undertaken to the highest international standards.  

Jean-Georges Malcor, CEO, CGG, said: "We have joined forces with GOSCO to set up this joint venture as a response to recent growing industry interest in Ghana's oil and gas potential. This move is another example of CGG's strategy to work in partnership with local oil and gas players to benefit from their experience of working in the country while bringing them the benefit of CGG's global expertise as a leading technology provider. We believe this joint venture will create a strong vehicle for growth in Ghana's E&P industry."

About CGG

CGG ( www.cgg.com ) is a fully integrated Geoscience company providing leading geological, geophysical and reservoir capabilities to its broad base of customers primarily from the global oil and gas industry. Through its three complementary businesses of Equipment, Acquisition and Geology, Geophysics & Reservoir (GGR), CGG brings value across all aspects of natural resource exploration and exploitation.

CGG employs more than 6,500 people around the world, all with a Passion for Geoscience and working together to deliver the best solutions to its customers.

CGG is listed on the Euronext Paris SA (ISIN: 0013181864 ) and the New York Stock Exchange (in the form of American Depositary Shares. NYSE: CGG).

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08/30/2016 1:48

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