CGG Secures Another Prefunding in GoM

CGG has secured another commitment from an Exploration and Production company to its StagSeis multi-client solution in the Gulf of Mexico, this time with an earlier prefunder expanding their position.

According to CGG, following the completion of the acquisition in October, StagSeis presales of all three surveys, IBALT, DEUX and TROIS, have continued to strengthen, both with new companies joining, and with repeat customers increasing their commitments.

Jean-Georges Malcor, CEO of CGG, said: “With eight companies now prefunding StagSeis, including one who recently committed to the entire 871-offshore-block acreage, representing over 20,000 sq. km, we are very pleased with this new client commitment and the overall very strong client interest we are seeing in the program. This high level of underwriting confirms the industry’s recognition that StagSeis produces better subsalt images of the most challenging areas of the Gulf of Mexico and validates its superior value.”

Imaged by CGG, and covering the complex subsalt plays in select locations of Garden Banks, Keathley Canyon, Walker Ridge and Green Canyon, the company sees StagSeis solution as an optimal tool to help oil and gas companies best manage their E&P programs and make informed decisions on the large number of lease blocks to be auctioned in the deep water Gulf of Mexico through 2020.