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Viridien: share up on contract win in Algeria

( - Viridien, formerly CGG, was one of the biggest risers on the SBF 120 index on the Paris Bourse on Wednesday, after winning a major seismic imaging contract in Algeria.

The French group said it had been selected by a consortium comprising, among others, the state-owned Algerian oil group Sonatrach and the American company Occidental Petroleum.

The contract, the financial terms of which were not disclosed, covers the seismic imaging of a 3,400 km2 high-density survey being acquired over two blocks of the Berkine basin in eastern Algeria.

Viridien plans to dedicate a team of scientists at its imaging center in France to provide information on the subsurface and the fine, faulted geological structure of this area.

In a press release, Viridien explains that it was chosen because of its powerful high-performance computing capabilities and its long experience in Algeria, dating back to the 1950s.

At around 10am, the stock was up 2.3% on the Paris Bourse, outperforming the SBF 120 mid-cap index, which was up 0.4% at the same time.

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