Caspian Services, Inc. Provides Additional Vessels to the Veritas Caspian LLP Seismic Data Bank Project
SALT LAKE CITY, July 13 / / - Caspian Services, Inc. (BULLETIN BOARD: CSSV) is pleased to announce that it has agreed to provide additional vessels to support the Veritas Caspian LLP multi client seismic data bank project currently underway in the Kazakh sector of the Caspian Sea.
Caspian Services will make five cable handling vessels available to the Veritas Caspian project for the 2007 work season. Known as "pollux" vessels, these vessels are ultra shallow draft, jet drive work boats designed for speed and maneuverability. Caspian Services has also agreed to provide the Sara Maatje XV, a seismic source vessel designed to operate in waters as shallow as 1.5 meters. This vessel, which has been in the Netherlands undergoing a substantial refit for the Veritas Caspian project, has been mobilized and is in transit to the Caspian Sea. The vessel is expected to be in Kazakh waters and operational by mid July.
Commenting on the new vessel contract, John Scott, Chief Operating Officer for Caspian Services, Inc. noted, "We are very pleased to allocate these new additions to our fleet to the Veritas Caspian project. We believe these vessels will further enhance our seismic capability and the efficiency of Veritas Caspian."
Veritas Caspian LLP is a 50/50 joint venture between CGG Veritas and Kazmorgeophysica, a 51% owned subsidiary of Caspian Services. Veritas Caspian holds the rights to acquire seismic data over the entire open acreage of the Kazakh sector of the Caspian Sea through an exclusive agreement with the Ministry of Energy and Mineral Resources of the Republic of Kazakhstan.
Caspian Services, Inc. is an oilfield service company providing a broad range of services in the Caspian Sea region of western Kazakhstan. The Company provides geophysical and seismic data acquisition and interpretation services; maintains a fleet of vessels that it commissions to oil and gas exploration companies engaged in exploration and development activities in the north Caspian Sea and other oilfield services such as desalinated water. In addition, the Company plans to construct a marine base facility in the Port of Bautino. The Company maintains corporate offices in Almaty, Kazakhstan, Aktau, Kazakhstan and Salt Lake City, Utah
Source: Caspian Services, Inc.