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    PGS enters Russian JV with GeoHazar

    News // 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.

     

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