CGG announced on Tuesday that it had reached a definitive agreement with Saudi Arabia's Taqa to sell its entire 49% stake in their joint venture Argas.

Founded in 1966, Argas specializes in seismic and non-seismic data acquisition, geoscience and surveying on land, in shallow water and at sea.

Headquartered in Dhahran (Saudi Arabia), the company currently operates in the Middle East and North Africa.

Sophie Zurquiyah, CEO of CGG, explains that this operation marks the final stage of the 'CGG 2018' strategic plan, which aimed to exit the data acquisition services business.

The aim, she says, is to become an asset-light company focused on its differentiated, high-end technology activities.

CGG explains that it plans to continue to supply the Kingdom of Saudi Arabia and TAQA with its high-end subsurface imaging technologies and seismic acquisition systems.

The transaction is expected to close later this year, subject to the satisfaction of the required conditions.

Copyright (c) 2023 CercleFinance.com. All rights reserved.