PARIS--(BUSINESS WIRE)--Regulatory News:
CGGVeritas (ISIN: 0000120164 – NYSE: CGV) (Paris:GA) announced today that its subsidiary Sercel has acquired the assets of Geophysical Research Company, LLC (“GRC”). Headquartered in Tulsa, Oklahoma (USA), and established in 1925 by Amerada Petroleum Corporation, GRC is a leading provider of downhole sensors and gauges for the oil and gas industry. With approximately 120 employees, GRC is expecting 2011 revenues in the order of US$22 million.
This acquisition builds upon Sercel’s diversification into the well environment and more specifically the artificial lift market which shows promising growth for the coming years. GRC’s memory gauge business complements Sercel’s existing product offering and geographical coverage.
GRC products will benefit from Sercel’s technology and know-how for new product industrialization as GRC will be launching a number of products within the next two years.
Bob Laird, CEO of GRC stated, “On behalf of GRC, our customers and employees, we are truly excited about being a part of Sercel. We clearly share common core values and the vision of providing our customers with advanced technology and value added solutions to optimize and extend the economic life of their oil and gas producing assets. This acquisition offers GRC leverage in strengthening and expanding our global presence, operational efficiency and technology offering. GRC’s management team will continue in place with Sercel.”
"We look forward to continue to expand and strengthen our footprint in downhole measurements with GRC’s product range," said Pascal Rouiller, President and CEO of Sercel. "GRC has built a strong reputation and developed a unique expertise for reliable downhole instrumentation”.
About Sercel
Sercel is the world’s leading designer and manufacturer of innovative seismic equipment and reservoir monitoring instruments. Sercel provides oil field service companies and geophysical contractors the widest range of leading-edge technologies for exploration in land, marine, ocean bottom, transition zone and reservoir environments. Employing more than 2000 people worldwide, main Sercel sales offices are located in Houston (USA) and Nantes (France). More information about Sercel is available at www.sercel.com.
About GRC
GRC is a leading systems technology provider of artificial lift, permanent downhole and memory gauge instruments used to optimize production and extend the life of downhole equipment. GRC provides oil field service companies and exploration and production companies on a worldwide basis with integrated monitoring solutions using GRC’s accurate and reliable quartz and capacitance transducers. GRC’s is located in Tulsa, Oklahoma. More information about GRC is available at www.grcamerada.com.
About CGGVeritas
CGGVeritas (www.cggveritas.com) 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.
CGGVeritas is listed on the Euronext Paris (ISIN: 0000120164) and the New York Stock Exchange (in the form of American Depositary Shares, NYSE: CGV).