PGS enters Russian JV with GeoHazarNews // October 9, 2006
Petroleum Geo-Services (PGS) has signed a 50/50 Joint Venture agreement with the Russian Company GeoHazar.
PGS has cooperated with GeoHazar in the shallow waters of the Caspian Sea since 1997.
The new Russian-registered JV will operate under the name PGS Khazar and target the marine seismic markets in the Caspian Sea, Azov Sea and Black Sea.
PGS Khazar operates a total of nine, small purpose built vessels for operations in the Caspain, including accommodation and seismic vessels.
The company has a strong backlog in 2006 and 2007, and is currently looking into expanding its capacity further.
With the establishment of PGS Khazar, PGS is able to offer a full range of acquisition, processing and reservoir services in the region through its offices in Almaty, Kazakhstan and Gelendsjik and Moscow in Russia.