Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/cgg-and-taqa-strengthen-their-cooperation-across-t.shtmlCGG and TAQA strengthen their cooperation across the Middle East
CGG and Industrialization & Energy Services Company (TAQA) have signed a Framework Agreement which
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CGG and Industrialization & Energy Services Company (TAQA) have signed a Framework Agreement which strengthens and extends their historical and long-term partnership in the Middle East. The new agreement provides a simplified, more focused structure to better address the growing industry demand for high-end seismic solutions throughout the region.
CGG and TAQA are currently shareholders of two Joint Ventures in the Middle East: ARGAS, a Saudi company established in 1966, covering geophysical activities in the Kingdom of Saudi Arabia (KSA), of which TAQA owns 51% and CGG owns 49%; ARDISEIS, a company established in 2006 in Dubai, covering land & shallow water data acquisition activities in the rest of the Middle East, of which CGG owns 51% and TAQA 49%. Through the Framework Agreement, ARGAS will become the sole shareholder of ARDISEIS, with ARGAS and ARDISEIS pooling all their resources to create a more efficient and powerful combined ARGAS Group. The new ARGAS group will have a stronger capital base, will cover a larger business scope, and will be 51% owned by TAQA and 49% owned by CGG.
