CGGVeritas enters Russian marine seismic joint venture with JSC Geotech

Source: CGGVeritas

CGGVeritas (NYSE: CGV) and JSC Geotech Holding (Geotech) are pleased to announce, that they have signed a term sheet to create a joint venture to operate 2D and 3D marine seismic vessels, primarily in Russian and CIS waters.

The joint venture will provide marine seismic data acquisition and processing services for the oil and gas clients operating locally in Russia and CIS. CGGVeritas will make available one 2D ice class vessel and one 3D ice class vessel, to the joint venture.

Jean-Georges Malcor CEO of CGGVeritas, said:

“At a time when Russian and CIS Arctic exploration and production is becoming more and more important, we are very pleased to sign this joint venture agreement with Geotech. Entry to this very important Russian and CIS offshore market is a significant step forward for CGGVeritas. Our Joint Venture with Geotech, the leading seismic company in Russia and the CIS, creates a solid foundation for future growth in the region”.

Nikolai Levitsky, President of JSC Geotech holding said: “The Joint Venture with CGGVeritas enables Geotech to significantly strengthen its leadership positions in the Russian market and move to a new level of development thanks to using the leading global offshore seismic technologies”.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs