Spectraseis, Saudi Makamin JV to target Middle East

Offshore staff

ZURICH -- Spectraseis has entered into a long-term, strategic partnership with Saudi Makamin Co., a Saudi Arabia-based oilfield services group.

Under the agreement, Spectraseis and Makamin are forming a joint new venture based in Dhahran, Saudi Arabia to market and deliver low frequency geophysical solutions in the Middle East. Makamin has also become an owner of Spectraseis, alongside the company's major shareholders Warburg Pincus and StatoilHydro Ventures.

"Our joint venture with Makamin will allow Spectraseis to better deliver services to oil and gas companies in the Middle East, where there is tremendous potential for low frequency passive seismic technologies," says Ross Newman, CEO of Spectraseis. "Our goal is to help our clients improve their understanding of hydrocarbon reservoirs and increase the efficiency of their huge investments in finding and developing new reserves."

03/09/2009