French and Saudi Arabian firms to set up seismic data company

30 March 2006

Manama: Companie Generale de Geophysique (CGG) of France and its Saudi partner in the Arabian Geophysical and Surveying Company (Argas), Industrialisation and Energy Services Co (Taqa), yesterday signed a Memorandum of Understanding to set up CGG Ardiseis, a CGG subsidiary dedicated to land and shallow water seismic data acquisition in the Middle East.

Taqa will acquire 49 per cent of the capital of CGG Ardiseis and CGG will hold the remaining 51 per cent.

CGG Ardiseis, with a capital of $50 million, will be headquartered in Dubai and will provide CGG land and shallow water acquisition services, focusing on Eye-D, the latest CGG technology for full 3D seismic imaging.

"High productivity onshore fibrosis operations in the Middle East will particularly benefit from this breakthrough technology, CGG senior executive vice president Gerard Chambovet told Gulf News.

"Our location at Jebel Ali Free Zone will help us move crews quickly and efficiently, particularly that we use our own geophysical equipment," he said.

By Habib Toumi

Gulf News 2006. All rights reserved.