PTSC, CGGV Continues to Implement 2D/3D Vessels JV
Following the instruction from Vietnam National Oil and Gas Group (PVN) and the Head of Agreement that signed by PVN and CGGVeritas Services Holding BV(CGGV)on July 6, 2010, PTSC continued discussing with CGGV implementing the 2D/3D vessels joint venture project.
This joint venture will enlarge the PTSC fleet and increase its capacity in providing seismic data acquisition services for oil and gas clients operating both in Vietnam and the region.
In December 2010, PTSC and CGGV management executed the signature of the joint venture Term Sheet in Vung Tau, Vietnam under the witness of PVN management. Both parties will finalize all remaining procedures to establish the two-member company limited with the registered capital of US$95million, in which PTSC holds 51 percent and CGGV holds 49 percent. The company share holder agreement is expected to be ready for signing by January 31, 2011.
A.D
Vietnamese
