Integra, Schlumberger finalize land seismic JV
MOSCOW. Oct 21 (Interfax) - Russian oilfield services provider Integra Group has finalized its exclusive seismic joint venture with WesternGeco, the seismic business segment of Schlumberger, Integra said in a statement.
The companies announced plans in July, 2010 to create a joint ventureto provide seismic acquisition services as well as interpretation and data processing in Russia, Kazakhstan, Uzbekistan, and Turkmenistan and their respective transition zone waters. The JV has already been working successfully on joint projects in Russia and Kazakhstan and has secured work for this winter.
The name of the joint venture holding company is IG Seismic Services Limited. Integra owns 75% of the new company and will continue to provide day-to-day management of the company, while WesternGeco owns 25%. In addition to nearly 40 land and transition zone seismic crews and combined data processing capability the business now benefits from proprietary Q technology and Omega data processing software. Integra Group has received a cash payment of $48 million from WesternGeco as part of transaction agreement in addition to contributed crews and technology.
Antonio Campo, Integra's Chief Executive Officer, commented at the announcement of the joint venture:
"We are very excited about expanding our capabilities by joining forces with WesternGeco. The agreement will boost the service range and expand the market presence of our core seismic segment. With the introduction of WesternGeco personnel and technology, the new venture will ensure efficient development of our joint seismic operations while the combination of our processing centers in Russia and Kazakhstan will substantially increase our data processing capabilities. We believe this move is in line with our strategy to increase our presence in businesses with higher added value and further improve our technology."
The London-listed Integra Group is a leading FSU-based independent provider of onshore oilfield services and is also a manufacturer of specialized equipment used in the exploration, development and production of oil and gas. Integra operates in all major oil and gas producing regions in Russia and in many other CIS countries, where its customer base includes major domestic and international oil and gas companies.