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KSA-based ARGAS targets global expansion

Industry

KSA-founded Arabian Geophysical & Surveying Company (ARGAS), a seismic acquisition company in MENA, is expanding its operations internationally, building on a strong track record that has made it a leading regional success story in the oil and gas sector services industry

Industrialization and Energy Services Company (TAQA) and Paris-based CGG have jointly announced the signing of a new agreement. This will allow the company to expand its offering in integrated marine and land seismic solutions to oil and gas industry customers worldwide, giving ARGAS the ability to access potential multi-billion-dollar markets.

The agreement waives all previously-established territorial, technical, commercial exclusivities and other restrictions, as well as any 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 to address customers’ needs better.”

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.”

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