CGG, Sovcomflot form Arctic venture

Offshore staff

PARIS – CGG and Russian shipping group Sovcomflot will team up for 3D marine seismic acquisition services in Arctic and sub-Arctic waters.

They will form a joint venture called Arctic Geophysical Exploration (AGE), based in Moscow and owned 51% by Sovcomflot and 49% by CGG. It is expected to be fully operational by 4Q 2014.

CGG will charter a 14-streamer ice-class vessel for the operation and Sovcomflot will provide an eight-streamer ice-class vessel. In total they expect to have four vessels available for projects during the Arctic navigation season.

Outside the season they plan to pitch for other projects elsewhere.

06/19/2014

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