CGG: CGG Awarded Three Imaging Projects by BP

Rhea-AI Summary

CGG has secured three significant seismic imaging projects from BP, with two projects based in the deepwater Gulf of Mexico and one offshore Trinidad & Tobago. These projects are set to commence in Q1/Q2 of 2021, with data delivery expected by Q4 2021. Utilizing CGG Cloud technology, imaging specialists will apply advanced data-driven algorithms for enhanced imaging quality. Colin Murdoch, EVP of Geoscience at CGG, highlighted the importance of these awards, emphasizing the company's commitment to technology investments during challenging times.

Positive

• Secured three seismic imaging projects from BP, increasing revenue potential.
• Projects demonstrate strong client demand for CGG's high-end technology and services.
• Utilization of CGG Cloud technology is expected to enhance imaging quality.
• Company continues to invest in technology and infrastructure during pandemic.

Negative

• None.

CGG Awarded Three Imaging Projects by BP

Paris, France – March 31, 2021

CGG has been awarded three major seismic imaging projects by BP, two from the deepwater Gulf of Mexico and one from offshore Trinidad & Tobago.

These projects will start in Q1/Q2 this year and complete with cloud delivery of the data no later than Q4 of 2021.

Utilizing CGG Cloud supercomputing, imaging specialists at CGG’s Houston subsurface imaging center will employ compute-intensive data-driven proprietary algorithms, such as time-lag full-waveform inversion and least-squares migration, to ensure timely delivery of the highest-quality images to better support renewal and development decisions.

Colin Murdoch, EVP, Geoscience, CGG, said: “This high-profile set of awards demonstrates client demand for our best-in-class technology and service. By consistently investing in our people, imaging technology innovation, and high-performance computing infrastructure during the pandemic crisis, CGG continues to provide an unmatched level of services and image quality as the recognized leader in high-end seismic imaging.”

About CGG

CGG (www.cgg.com) is a global geoscience technology leader. Employing around 3,700 people worldwide, CGG provides a comprehensive range of data, products, services and solutions that support our clients to more efficiently and responsibly solve complex natural resource, environmental and infrastructure challenges. CGG is listed on the Euronext Paris SA (ISIN: 0013181864).

Contacts

Group Communications & Investor Relations Christophe Barnini Tel: + 33 1 64 47 38 11 E-Mail: christophe.barnini@cgg.com

Attachment

• CGG - Press Release pdf version

FAQ

What seismic imaging projects did CGG win from BP?

CGG was awarded three seismic imaging projects from BP, two in the Gulf of Mexico and one offshore Trinidad & Tobago.

When will the projects awarded to CGG by BP start?

The projects are scheduled to commence in Q1/Q2 of 2021.

What is the expected completion timeline for the CGG projects with BP?

The projects are expected to complete with cloud delivery of data no later than Q4 of 2021.

How is CGG utilizing technology for the projects with BP?

CGG will use its Cloud supercomputing and data-driven proprietary algorithms for enhanced imaging.

Who commented on the significance of the awards received by CGG?

Colin Murdoch, EVP of Geoscience at CGG, commented on the importance of the awards and client demand for technology.