CGG Sells its Stake in ARGAS to TAQA
CGG announced today that it has entered into a definitive agreement with Industrialization and Energy Services Company ("TAQA") to sell its entire 49% stake in Arabian Geophysical and Surveying Company (ARGAS).
- CGG announced today that it has entered into a definitive agreement with Industrialization and Energy Services Company ("TAQA") to sell its entire 49% stake in Arabian Geophysical and Surveying Company (ARGAS).
- The transaction is expected to close this year, subject to satisfying relevant conditions.
- Sophie Zurquiyah, CEO CGG, said “The sale of our stake in ARGAS marks a final step in the strategic plan that we launched back in 2018 to become an asset-light company, by exiting the data acquisition services business and strengthening the focus on our differentiated high-end technology businesses.
- We look forward to continuing to provide the Kingdom of Saudi Arabia and TAQA with our high-end subsurface imaging and seismic acquisition systems to support their business objectives and playing our part in the successful development of energy and low-carbon resources in the Middle East region.”