PGS rejects CGGVeritas lawsuit as unfounded

OSLO, July 7 (Reuters) - Norwegian seismic surveyor Petroleum Geo-Services (PGS) (PGS.OL) said on Monday that its French-U.S. rival CGGVeritas (GEPH.PA) had brought a $70 million claim against a PGS subsidiry and called the suit unfounded.

PGS said that CGGVeritas claimed it had a binding agreement with the PGS subsidiary Arrow Seismic ASA for a charter and purchase of a seismic vessel being built in Spain. But PGS said no agreement has been signed.

"PGS views the CGGVeritas claim against Arrow as totally unfounded," PGS said in a statement.

(Reporting by John Acher)