STATEMENT: TAQA signs agreement to buy CGG shares in ARGAS


STATEMENT: TAQA signs agreement to buy CGG shares in ARGAS

PARIS, Nov. 20, 2023 /PRNewswire/ -- Industrialization and Energy Services Company ("TAQA") today announced the signing of a definitive agreement to purchase the remaining shares of its subsidiary, Arabian Geophysical and Surveying Company (ARGAS). The transaction is expected to close this year, subject to the satisfaction of relevant conditions.

"In this transaction, which is aligned with TAQA's strategy, ARGAS becomes a wholly owned company of TAQA, further accelerating synergies between our wholly owned businesses. We will invest further in ARGAS to leverage its surveying capabilities to access to the region's natural resources and mining sectors," said Khalid M. Nouh, CEO of TAQA and Chairman of the Board of Directors of ARGAS.

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

About TAQA:

Founded in 2003, TAQA is a Dharan-based international company providing leading well solutions to the energy industry and is creating value and opportunities for all its stakeholders. TAQA has more than 5,000 people in more than 20 countries and serves multiple markets. TAQA offers a complete portfolio of well solutions including coiled tubing and stimulation, cementing, wiring, fracturing, directional drilling, downhole tools, completions, well testing, slickline, inspection, H2S safety, and logging and drilling. .

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