CGGVeritas has announced that its subsidiary Sercel has acquired the assets of Geophysical Research Company
p>CGGVeritas has announced that its subsidiary Sercel has acquired the assets of Geophysical Research Company
Headquartered in Tulsa, Oklahoma, US, 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 amounting to around US$22mn.
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 knowhow for new product industrialisation as GRC will be launching a number of products within the next two years.
“On behalf of GRC, our customers and employees, we are truly excited about being a part of Sercel,” said Bob Laird, CEO of GRC. “We clearly share common core values and the vision of providing our customers with advanced technology and value added solutions to optimise 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.”
Pascal Rouiller, President and CEO of Sercel, said, "We look forward to continue to expand and strengthen our footprint in downhole measurements with GRC’s product range. GRC has built a strong reputation and developed a unique expertise for reliable downhole instrumentation”.
