KSA-founded Arabian Geophysical & 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.
Industrialization and Energy Services Company (TAQA) and Paris-based CGG have today jointly announced the signing of a new agreement that will allow the company to expand its offering in integrated marine and land seismic solutions to Oil & 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 the Board of ARGAS, said: “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”.
Sophie Zurquiyah, CEO of CGG, added: “I am delighted with the extension of the operational 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.