CGGVeritas doubles Q3 net, sees robust market ahead

PARIS, Nov 15 (Reuters) - Oilfield services group CGGVeritas (GEPH.PA: Quote, Profile, Research, Stock Buzz) posted doubled third-quarter net profit on Thursday, spurred by booming demand from oil and gas producers for its seismic surveys and equipment.

The group, born from the merger of Compagnie Generale de Geophysique and Texas-based Veritas, also said the seismic market should remain "robust".

The world's biggest listed provider of seismic surveys, which are used to make detailed maps of potentially oil-bearing deposits, earned a quarterly net profit of $93.5 million, against $46.6 million a year ago.

Operating profit rose 50 percent to $157 million, helped by a 33 percent rise in revenue to $829 million as surging oil prices spurred exploration activity around the world.

CGGveritas said nine-month revenue was $2.38 billion.

CGG has targeted full-year sales of more than $3 billion.

Revenues at its Sercel division, which makes land and marine seismic equipment, jumped 69 percent to $291 million, while revenue at its Services unit rose 27 percent to $596 million.

CGGVeritas's order backlog was $1.650 billion on Nov. 1.