From Earlier: CGGVeritas Subsidiary, Sercel, Acquires the Assets of Geophysical Research Company

CGGVeritas

announced today that its subsidiary Sercel has acquired the assets of Geophysical Research Company, LLC. Headquartered in Tulsa, Oklahoma, 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.