CGG: Sercel Enter into Exclusive Negotiations with LISS - Low Impact Seismic Sources

Rhea-AI Summary

CGG announced that Sercel and Low Impact Seismic Sources (LISS) have commenced exclusive negotiations for LISS's acquisition by Sercel. This acquisition focuses on the TPS (Tuned Pulse Source), enhancing marine seismic capabilities with low-frequency outputs. The TPS solution improves quantitative interpretations, promotes deeper explorations, and minimizes environmental impact. Shell supports further in-sea testing and aims to conduct a commercial survey using the TPS later in the year. Sercel's CEO highlighted LISS's contribution to their existing seismic product portfolio.

Positive

• Sercel's acquisition of LISS strengthens its marine seismic technology offerings.
• The TPS solution enhances seismic data quality and reduces environmental impact.
• Shell's support for further testing indicates confidence in the product.

Negative

• None.

Sercel Enter into Exclusive Negotiations 
with LISS - Low Impact Seismic Sources

Paris, France – May 05, 2021

CGG announced today that Sercel and Low Impact Seismic Sources (LISS) have entered into exclusive negotiations for the acquisition of LISS by Sercel. In collaboration with Shell, LISS has developed the TPS (Tuned Pulse Source), an innovative marine seismic source with much enhanced low-frequency output.

The LISS TPS solution meets the industry need for low frequencies that allow deeper penetrations and more accurate quantitative interpretation and Full Waveform Inversion (FWI) results, especially in combination with long-offset data, all while further reducing environmental impact.

Sercel will continue to develop and commercialize the TPS worldwide. Shell will continue to provide its support with in-sea testing to be conducted this summer and will execute a first commercial survey using the LISS TPS source later this year.

Steve Chelminski, co-founder of LISS and inventor of the first marine seismic impulsive source in the 1960’s, said: “I’m very pleased that Sercel, the equipment supplier to the seismic industry, is acquiring LISS. Sercel will provide the benefits of TPS and its successor technologies, representing a new era of seismic source technology, to all contractors and oil companies in the industry. It’s the low-frequency source that brings not just the data required for real imaging and FWI improvement, but in addition the environmental benefits that will continue to advance the industry’s ability to be excellent custodians of our environment”.

Gerard van Drempt, Shell Global Category Manager Geophysics , said: “Shell is delighted to see that the solution that it has developed in collaboration with LISS will become market-ready for commercial acquisitions. We trust that the collaboration between Shell, LISS and Sercel will allow this innovative source to become the industry’s preferred solution for low impact enhanced low-frequency seismic acquisition.”

Emmanuelle Dubu, Sercel CEO, said: “With its experienced people, intellectual property and game-changing marine source, LISS brings significant added value to Sercel’s marine seismic products and perfectly complements our current portfolio of market-leading high quality and sustainable exploration, reservoir development and monitoring solutions.”

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).

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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 is the significance of the Sercel and LISS negotiations for CGG?

The negotiations for Sercel to acquire LISS are significant as they enhance CGG's capabilities in marine seismic technology with the innovative TPS solution.

How does the TPS solution improve seismic data interpretation?

The TPS solution improves seismic data interpretation by providing enhanced low-frequency output, allowing for deeper penetration and more accurate quantitative results.

Is Shell involved in the commercial launch of the TPS source?

Yes, Shell will support in-sea testing and plans to conduct a commercial survey using the LISS TPS source later this year.

What are the environmental benefits of the TPS solution?

The TPS solution reduces the environmental impact of seismic activities while providing crucial data for real imaging and Full Waveform Inversion (FWI).