Spectraseis, the leading provider of low frequency passive seismic geophysical solutions to the upstream oil & gas industry, today announced that it has entered into a long-term, strategic partnership with Saudi Makamin Company, the Al-Khobar, 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. The deal was presented to the Saudi Consul General in Geneva, Nabil M. Al Saleh, on February 16, 2009.
"We are pleased to welcome Saudi Makamin Co. as an important shareholder in Spectraseis," said Bjarte Fagaeras, the chairman of Spectraseis. "Makamin's strong ties in the Gulf, local operating infrastructure and deep financial resources will benefit Spectraseis and its customers in the region tremendously."
"Makamin is pleased to be partnering with Spectraseis to bring new services to oil and gas producers in the Gulf region and to be investing in valuable technology development," Makamin Managing Director Dr. Ali Al Buridi said. "It is through investment in research and development and application of advanced technology in operations that the challenges of serving the global oil & gas market will continue be met in the future. We believe that our joint venture with Spectraseis will bring significant value to operators in the Gulf."
"This is an exciting partnership for Spectraseis," said Spectraseis CEO Ross Newman. "Our joint venture with Makamin will allow Spectraseis to better deliver services to oil & gas companies in the Middle East, where there is tremendous potential for low frequency passive seismic technologies. 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."
Established in 2003, Spectraseis is the principal technology and service provider in the fast-emerging field of low frequency passive seismic geophysical surveys and data analysis. Spectraseis helps oil and gas companies reduce risk and more efficiently find and produce hydrocarbon reserves by providing new subsurface information. In October 2007, Spectraseis won the 2007 World Oil Award for Best Exploration Technology.
Established in 2008, Makamin is a Saudi oilfield services group which, backed by $320 million of capital, is a building a portfolio of new technology and service offerings for regional operators in the Gulf, including exploration technology, drilling services, advanced production systems, well services and integrated project management.
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