CGG supports PGS re-structuring plan

Company News - July 4, 2003

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As a significant shareholder in PGS since September 26th 2002 with a 7.5% equity stake, CGG has given its support to the financial restructuring plan presented recently at the company's annual shareholders meeting in Oslo.

This support takes the form of participation by CGG in the group of "supporting shareholders" who have committed to jointly acquire 30% of the post-restructuring equity of PGS for $85 million (of which $ 22 million for CGG and $ 60 million for UMOE).

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