Howard Weil Howard Weil

36th Annual Energy conference36th Annual Energy conferenceApril 6 April 6 –– April 10, 2008April 10, 2008

2

This presentation contains forward-looking statements, including, without limitation, statements about CGGVeritas’s (“the Company”) plans, strategies and prospects. These forward-looking statements are subject to risks and uncertainties that may change at any time, and, therefore, the Company’s actual results may differ materially from those that were expected. The Company based these forward-looking statements on its current assumptions, expectations and projections about future events. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, it is very difficult to predict the impact of known factors and it is impossible for us to anticipate all factors that could affect our proposed results. All forward-looking statements are based upon information available to the Company as of the date of this presentation. Important factors that could cause actual results to differ materially from management's expectations are disclosed in the Company’s periodic reports and registration statements filed with the SEC and the AMF. Investors are cautioned not to place undue reliance on such forward-looking statements.

Forward Looking Statements

2007 Full Year Financial Results 2007 Full Year Financial Results

& &

Key HighlightsKey Highlights

4

30 land crews

V1 / HPVA

Foothills, Arctic &

Desert Expertise

14 large 3D vessels5 medium 3D vessels

1 2D vessel

Wide-Azimuth

and 4D Expertises

Marine

28 open centers & 17 dedicated

Imaging & Reservoir Characterization

Services

Land Processing

Worldwide Production

A full range of seismic equipment

and advanced technology with

industry unique open model

Sercel

Equipment

1000 employees 1,700 employees 2,200 employees2,000 employees

Advanced processing and depth imaging

QHSE - Excellence

CGGVeritas: The Leader in Seismic

Recent vintage offshore library

265,000 km &300,000 km2 in 3D

Multi-Client

Well positioned onshore library

38,000 km2 in 3D

200 employees

QHSE - Excellence

5

Gulf of Mexico Sub-salt Discovery

6

2007: A Solid First Year Performance

► Group Rev of M€ 2,374 (M$ 3,251) was up 30% in $

− Group Op Income of M€ 489 (M$ 670) up 50% in $, a 21% margin

− Group EBITDAs of M€ 997, (M$ 1,366) up 38% in $, a 42% margin

► Sercel Rev of M€ 790 (M$ 1,080) was up 41% in $

− Sercel Op Income of M€ 266 (M$ 364), a 34% margin

► Services Rev of M€ 1,694 (M$ 2,320) was up 22% in $

− Services Op Income of M€ 305 (M$ 417), 18% margin inc. 3% PPA impact

− Services EBITDAs of M€ 784 (M$ 1,074), a 46% margin

− Total Purchase Price Allocation impact of M€ 48 (M$ 65)

► Net Result of M€ 250 (M$ 342) an 11% margin

− EPS of €9.12 and earnings per ADS of $2.50

► Record Group Backlog of M$ 1,780 as of February 1st 2008

7

342

146159

250

Group Operating Profit

670

445489

232

1366

992

483

997

3251

25002374

1330

Group Revenues

Group Net Income

CGG2006

CGGVeritas 2007

Group EBITDAs

Group Operating Profit

CGGVeritas Pro-forma

2006

CGGVeritas 2007

CGG2006

CGGVeritas Pro-forma

2006

CGGVeritas 2007

CGG2006

CGGVeritas 2007

CGGVeritas Pro-forma

2006

CGGVeritas 2007

M$M€

(42%)

(21%)

(11%)

+30%

2007 Group P&L Highlights

CGGVeritas 2007

CGG2006

CGGVeritas 2007

CGGVeritas Pro-forma

2006

CGGVeritas 2007

+38%

+134%

+50%

M$M€

M$M€

M$M€

8

2007 Group Revenue Breakdown

11%

6%14%

19%

22%28%

Total Revenues 2006Millions € 1,990 $ 2,500

Total Revenues 2007Millions € 2,374 $ 3,251

Pro-forma 2006Services 76% - Sercel 24%

2007Services 72% - Sercel 28%

24% 23%

21%

14%5%

13%

Marinecontract

Marine MC

LandcontractLand MC

Processing

Sercel

9

286

192242

392

266

174219

364

2006 2007 2006 2007

1080

766790

610

2007 Financial Performance

Total Revenues► Market grew over 35% year-over-year

► Revenue was up 41% in $ mainly driven by a very high level of land equipment deliveries

► Operating margin was strong at 34%

► Strong land sales were driven by high channel counts for increased productivity and resolution

► Marine sales remain at high levels to equip new build vessels with solid and fluid streamers

► Internal sales at 14% 2006 2007 2006 2007

(34%) (36%)

EBITDAsOperating Profit

2006 2007 2006 20072006 2007 2006

+66%

+41%

+62%

M$M€

M$M€

M$M€

10

► Seismic market was up 20% year-over-year

► Revenue was up 22% in $

► Marine contract was up 25% in $ with strong activity worldwide and a 83% utilization rate

► Land contract was up 32% in $ in a strong market globally and in our select locations

► Processing continues to strengthen, up 11% in $

► Multi-client was up 23% in $. Strong in marine and land. Marine capacity 40% to multi-client. Prefunding at 81%. Amortization at 53%

1074

828784659

417

304305242

(18%)

19011694

1513

2320

(46%)

Services 2007 Financial Performance

Total Revenues

EBITDAs

CGGVeritas 2007

CGGVeritas Pro-forma

2006

CGGVeritas 2007

CGGVeritasPro-forma

2006

CGGVeritas 2007

CGGVeritas Pro-forma

2006

CGGVeritas 2007

Operating Profit

CGGVeritas 2007

CGGVeritas Pro-forma

2006

CGGVeritas 2007

CGGVeritasPro-forma

2006

+30%

+22%

+37%

M$M€

M$M€

M$M€

CGGVeritasPro-forma

2006

11

371

62

307

509

35363125

16291571

886

347

647

316268

231

149

2007 Group Financial Indicators

50%46%

Shareholders Equity Net debt

Balance Sheet (in M$)

12/31/06 pro-forma 31/31/2007

* Including M$95 related to the merger

*

Cash Flow from Operations

Industrial Capex Multi-client Capex

CGG2006

CGGVeritas 2007

CGGVeritas Pro-forma

2006

CGGVeritas 2007

CGG2006

CGGVeritas 2007

CGGVeritas 2007

CGG2006

CGGVeritas 2007

CGGVeritas Pro-forma

2006

CGGVeritas 2007

M$M€

M$M€

M$M€

12

12/07$ 1,47

12/06$ 1,32

12/07$ 1,47

12/06$ 1,32

Currents Assets 966 841 Currents liabilities 599 613

Cash & Cash Equivalent 254 402 Financial Debt / Current Portion 62 46 Financial Debt / Non-Current Portion 1 299 1 549 Total Financial Debt 1 361 1 594

Property, Plant & Equipment 660 629 Net Intangible Assets 681 712 Other Non-Current Assets 158 158 Non-Current Liabilities 261 284 Total Non-Current Assets 1 498 1 498

Minority Interests 24 23 Goodwill 1 928 2 151 Shareholders Equity 2 402 2 377

Total ASSETS 4 647 4 892 Total LIABILITIES 4 647 4 892

Net Working Capital in € 367 228 Net Debt in € 1 107 1 193 Net Working Capital in $ 540 300 Net Debt in $ 1 629 1 571

Capital Employed in € 3 532 3 593 Gearing 46% 50% Capital Employed in $ 5 200 4 732

Balance Sheet as of December 31st 2007

2008 Market 2008 Market

Overview and OutlookOverview and Outlook

14

83

0

50

100

150

200

94 95 96 97 98 99 00 01 02 03 04 05 06 07

Rese

rve

repl

acem

ent r

atio

(%)

Market Overview

Strong worldwide demand for oil

0

20

40

60

80

100

98 99 00 01 02 03 04 05 06 07 08(f)

Oil

dem

and

(Mb/

d)

OECD Countries Non-OECD countries

+37%

+6%

98-07 growthAverage growth: 1.7% p.a

Low reserve replacement rates

12 year low

Exploration recovering from5 yrs stagnation

05-07 growth

+70%

+67%

+87%

Sources: IEA, SEB Enskilda, CGGVeritas analysis

Continued Need for Increased Seismic

based on top 25 IOCs

0

50

100

150

200

250

1992 1994 1996 1998 2000 2002 2004 2006 2008 2010

Cape

x ($

B)

Source: SEB Enskilda

+0.9%+1.4% +1.9%+0.9%+1.4% +1.9%

E&P Total

Production

Exploration

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From Exploration to Production

Frontier Exploration Exploration Exploration

Complex GeologyDevelopment & Appraisal Production

2DConventional

3D

3D Hi ResolutionWide Azimuth Depth Imaging

Wide-Azimuth Advanced Imaging 4D

Growing Need for Seismic Across Full Spectrum of Exploration and Production

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2008 Overview

► Strong market conditions extend into 2009

− Growing demand for Marine equipment driven by new builds and upgrades

− Land: Continued strong demand for high channel counts for increased productivity and resolution

► Continued take-up of new products

− Unite - cable free land acquisition

− SeaRay - seabed acquisition

− MAXIWAVE - downhole acquisition

− Nautilus - Streamer Controller

− SeaPro Nav - Integrated Navigation System

► Sercel will continue to outperform the market and deliver superior results

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► Strong market conditions extend into 2009

► Marine market remains undersupplied in 2008 with our full fleet active throughout the year− Backlog in place into Q4 2008

− Alize upgraded to 14 Sentinel streamers in Q1

► Land market will remain strong with long term contracts in Middle East and Arctic and continued take-up of our new HPVATM and V1TM technology

► Processing and Reservoir to continue to see increased volumes of land and marine data and increased demand for high end imaging technology

► Within typical quarterly business fluctuations, excellent performance is expected for marine and land multi-client with continuing high levels of prefunding and after-sales

Services 2008 Overview

18

► Market continues to be undersupplied in 2008

► Vessels utilization rate expected to continue to improve over 2007

► 2/3 of our high-end 3D fleet dedicated to contract work

► Alize has a planned upgrade up to 14 Sentinel streamers in Q1

Marine Contract 2008 Outlook

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Marine► 5 high-end 3D vessels dedicated to multi-client

programs in 2008 mainly on wide-azimuth

► 3 wide-azimuth programs (Walker Ridge, Garden Banks and start of Green Canyon)

► M€240 (M$ 350) Capex anticipated in 2008 with the average amortization rates in the 50% range

► Strong after-sales particularly driven by recent discoveries and lease activity in GoM and Brazil

Land

► Strong activity and interest continues for Library in Canada and lower US.

► M€70 (M$100) Capex anticipated in 2008

► 2 multi-client crews operating in North America in Q1 2008

Walker Ridge WAZ – Start Q2 07: 476 OCS BlocksGarden Banks WAZ – Start Q4 07: 600 OCS Blocks Green Canyon WAZ – Start Q4 08: 243 OCS Blocks

BM-S-24

Tupi

BM-S-22

BM-S-21

BM-S-11

BM-S-10

BM-S-9

Sugar Loaf

BM-S-8

Multi-Client 2008 Outlook

20

► Strong market demand expected to continue across 2008

► 25 crews in operation at the beginning of 2008

► High activity level anticipated in both hemispheres

► Long term contracts in the Middle East and the Arctic

► Progressive worldwide implementation of our land wide-azimuth technology

− HPVATM: High Productivity Vibroseis Acquisition

− V1TM: Single source technology

Land Contract 2008 Outlook

21

► Worldwide processing and imaging demand remain strong− Growing volumes of land and marine data

− Demand for new advanced differentiated technologies

► Capitalize on our strong presence of 49 processing centers worldwide

► Software convergence process on track with completion anticipated in 2009

► Entering into new long-term agreements with Universities and Research Institutes worldwide

► Our latest technologies, especially our migration algorithms continue to gain rapid global market acceptance

Processing & Reservoir 2008 Outlook

22

2008 Outlook and Objectives

► Expect a strong geophysical market through 2008 and into 2009

− About 15% growth worldwide

− Our objective is to grow at least in line with the market

► Financial performance objectives (based on a 1.45 €/$ exchange rate)

− Operating margin above 30% in Sercel and above 20% in Services

− Synergies to reach $80M in 08 and reach full impact in 09

− Net debt to equity ratio to be below 35%

► Over the year within normal quarterly business fluctuations, we expect:

− 2/3 of our fleet to be dedicated to contract work, 1/3 on multi-client

− Average amortization rate of our multi-client library to remain in the 50% range

► 2008 Capex estimated at €480 million ($700 million):

− €170 million ($250 million) for industrial assets and upgrades

− €310 million ($450million) for our leading marine and land multi-client library

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Conclusions

► In our first year of operations we:

− Successfully integrated CGG and Veritas to create CGGVeritas

− Surpassed our objectives and delivered solid financial performance

► Sercel

− A record year with very high land and strong marine deliveries

− New products: SeaRay, Unite, Nautilus, SeaPro Nav and MAXIWAVE

► Services

− Strong operational performance across all Business Lines and Geographies

− 2 new vessels, GoM WAZ success, V1TM launch, take-up of imaging new-tech

► Strong industry fundamentals drive need for increased seismic

− In 2008, strong market growth about 15% expected

− CGGVeritas expected to grow at least in line with the market

► Continued strengthening of financial performance

CGGVeritas is in an optimum position to further extend its competitive operational and financial performance

Thank YouThank You

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► All surveys are fully depreciated over 5 years

► All ex-Veritas surveys written up (PPA) have a 65% depreciation rate

► Margin recognition and depreciation level depends on nature (land vs marine) and origin (former VTS or former CGG) due to PPA impact and historic business trends of local basin

► For new land surveys, the typical amortization rate is set at 80%

► For new marine surveys, amortization rate is set on historical business

− GoM NAZ and WAZ at 50%

− North Sea at 75%

− Brazil at 83%

► Quarterly average amortization rates fluctuate and depend on mix of sales including: Location of data and amount of fully depreciated data sold

► As a reference, full year 2007 multi-client amortization rate was 49% in marine and 68% in land

Multi-Client Accounting Policy

As a reference, full year 2007 multi-client amortization was 49% in marine and 68% in land