Sovcomflot, CGG register JV for 3D seismic in Arctic
MOSCOW. Aug 6 (Interfax) - LLC SCF GEO, a member of the Sovcomflot shipping group, has registered a joint venture with France's CGG, according to the Interfax SPARK database.
The joint venture, which will conduct 3D seismic surveying, mostly in the Arctic and sub-Arctic waters, is called Arctic Geophysical Exploration (AGE).
SCF GEO owns 51% and CGG Holding B.V. owns 49% of the joint venture.
Alexander Dolgachev is the general director.
The companies announced the joint venture was being set up a month before the EU imposed sanctions with respect to oil production and exploration on the Arctic shelf, deep-water shelf and shale oil.
Reports have said the primary aim of the joint venture company is to offer world-class 3D marine seismic acquisition services to operators during the Arctic navigation season. In addition, the new company will offer its highly advanced vessel capabilities to the international market for the remainder of the year while benefiting from access to the most advanced seismic technologies from CGG's worldwide operational and technical support.
CGG and Sovcomflot will have a combined total of four vessels scheduled to operate on client projects during the 2014 Arctic navigation season and expect the joint venture to be fully operational by Q4 2014 in order to capture the growing 3D seismic market in this region.