Taqa and CGG's agreement allows ARGAS to expand its offering in integrated marine and land seismic solutions to the oil and gas industry customers all over the world, giving it the ability to access potential multi-billion dollar markets
Saudi Arabia-founded Arabian Geophysical and Surveying Company (ARGAS), the largest seismic acquisition company in Mena, is to expand its business internationally, further building on a strong track record which has made it a leading regional success story in the oil and gas field services industry.
Saudi-based Industrialisation and Energy Services Company (Taqa) and Paris-based CGG – shareholders of Arabian Geophysical and Surveying Company (ARGAS) – have signed a new agreement that will allow the company to expand its offering in integrated marine and land seismic solutions to the oil and gas industry customers all over the world, giving ARGAS the ability to access potential multi-billion dollar markets.
The agreement waives all territorial, technical, commercial exclusivities and any other restrictions previously in place, as well as all other contractual restrictions on CGG or any of its current or previous affiliates.
Khalid Nouh, CEO of Taqa and Chairman of ARGAS Board, says: "The world around us is changing so fast that restrictions and exclusivities are obsolete by the time they are executed. We value our long partnership with CGG and together we understand the current market challenges. Our new agreement reflects a need for ARGAS to be more agile and to be able to react swiftly to market movements with the aim of better addressing customers’ needs".
ARGAS will build on its strong track record in the oil and gas industry
Sophie Zurquiyah, CEO of CGG, adds: "I am delighted with the extension of the operatiovnal scope for Argas, following CGG’s exit from the Acquisition business. We value our partnership with Taqa and believe this agreement will be beneficial for all."
Reflecting ARGAS’s new global ambitions, shareholders also agreed to use this corporate milestone to launch a new ARGAS logo, which reflects the company’s dynamism and agility.
Taqa is a leading provider of oilfield solutions in Menat region, delivering quality products and equipment across the entire upstream value chain. Taqa is a Saudi joint stock company owned collectively by Saudi publicly listed joint stock companies and several private and industrial investors representing a cross section of the Saudi industrial community.
On the other hand, CGG is a global geoscience technology leader. Employing around 4,600 people worldwide, CGG provides a comprehensive range of data, products, services and equipment that supports the discovery and responsible management of the Earth’s natural resources.