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CGG And TAQA Strengthen Their Cooperation Across The Middle-East

Stocks in this article: CGG

PARIS, Feb. 20, 2014 (GLOBE NEWSWIRE) -- CGG and Industrialization & Energy Services Company (TAQA) announced today that they 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.

Under the terms of the Framework Agreement, CGG and TAQA also extend their partnership to Seabed Geosolutions (SBGS), the Joint Venture addressing the seabed data acquisition market, which is owned 60% by FUGRO and 40% by CGG. In the same way as CGG will support the new ARGAS Group on all technological, industrial and commercial matters relating to land data acquisition, SBGS will provide similar support on all such matters relating to seabed data acquisition.

In addition, the Framework Agreement formalizes a strategic supplier agreement between SERCEL, CGG's seismic equipment division, and the new ARGAS Group, aimed at mutually reinforcing the competitiveness of SERCEL and ARGAS and their respective positions in Middle-East markets, which are set to see major growth notably driven by the mega-crews trend.

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