The JV will provide land seismic acquisition services as well as interpretation and data processing in Russia, Kazakhstan, Uzbekistan and Turkmenistan and their respective transition zone waters.
WesternGeco will become a minority shareholder in the venture with a 25% stake through the contribution of its land and transition zone seismic and data processing business in the aforementioned countries together with cash and access to certain proprietary Q technology and Omega data processing software.
Day-to-day management of the venture is expected to be performed by Integra while key strategic and investment decisions will be made by the board of the JV with input from WesternGeco.
IG Seismic Services will continue to pursue the existing Integra strategy of undertaking land seismic projects outside the CIS and as part of the transaction the parties also agree to cooperate in such services in other areas.
Carl Trowell, president of WesternGeco, said: “This new venture enhances the competitive strength and geographical footprint of its partners while providing additional business opportunities and expansion of the client base. In addition, the synergy created will bring significant value to customers as they expand their operations throughout the area.”
