Industrialization and Energy Services Company (TAQA) and CGG - the shareholders of Arabian Geophysical & Surveying Company (ARGAS) - announced that they executed a new agreement which waives all territorial, technical, commercial exclusivities and any other restrictions on the signatories, allowing ARGAS (the largest Seismic acquisition company in the Middle East and North Africa) to expand its operations globally offering integrated marine and land seismic solutions to Oil & Gas Companies all over the world and accessing multi-billion dollar markets. According to this agreement, all other exclusivities, and restrictions on CGG or any of its current or previous affiliates will be waived as well.
Khalid Nouh, CEO of TAQA and Chairman of the board of ARGAS, said in a statement: “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, together we understand current market challenges and the need to be more agile to swiftly react to market movements and better address our customer’s needs”.
Sophie Zurquiyah, CEO of CGG, said in a statement “I am very pleased 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.”
Shareholders also agreed to use this milestone to change the ARGAS logo and use a more dynamic, agile and progressive logo and company colors, as attached.
