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CGG-Veritas CEO Sees Good Outlook for Equipment, Multi-Client

Sept. 1 (Bloomberg) -- CGG-Veritas Chief Executive Officer Jean-Georges Malcor said today he sees a “very good” outlook for the land business, multi-client and equipment business.

“We see a very good outlook, particularly in equipment,” the executive said in an interview in Oslo today. “We expect to grow above 10 percent, probably close to 15 percent, in equipment this year.”

In terms of the marine segment, the CEO is “pretty bullish” for next year. “This year was a year of transition and we were expecting the recovery to be a little bit quicker,” he said. “The key is really the Gulf of Mexico. It’s such a big area to absorb the overcapacity that we see in marine today. Unless it is really recovering and absorbing between six to eight vessels, the demand will stay a bit unbalanced.”

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To contact the editor responsible for this story: Meera Bhatia at mbhatia2@bloomberg.net

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