TAQA signs agreement to buy CGG shares in ARGAS

PARIS, Nov. 20, 2023 /PRNewswire/ -- Industrialization and Energy Services Company ("TAQA") has announced today that it has entered into a definitive agreement to buy the remaining shares in its subsidiary, Arabian Geophysical and Surveying Company (ARGAS). The transaction is expected to close this year, subject to satisfying relevant conditions.

"In this transaction, which is aligned with TAQA's strategy, ARGAS becomes a fully-owned TAQA company, further accelerating synergies across our fully-owned businesses. We will further invest in ARGAS to leverage its surveying capabilities to access the region's natural resource and mining sectors," said Khalid M. Nouh, TAQA Chief Executive Officer and ARGAS Chairman of the Board.

ARGAS was founded in 1966 and specializes in providing land, shallow water and marine seismic and non-seismic data acquisition, geoscience and surveying services. ARGAS is headquartered in Dhahran, Saudi Arabia, with regional operations across the Middle East and North Africa.

About TAQA:

Founded in 2003, TAQA is an international company headquartered in Dharan that offers leading well solutions for the energy industry and is creating value and opportunity for all its stakeholders. TAQA has more than 5,000 people in more than 20 countries and serves multiple markets. TAQA offers a complete well solutions portfolio that includes Coiled Tubing and Stimulation, Cementing, Wireline, Frac, Directional Drilling, Downhole Tools, Completions, Well Testing, Slickline, Inspection, H2S Safety, and Logging and Perforating.

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SOURCE The Industrialization and Energy Services TAQA