Company Updates

PGS advances seismic data interpretation capability through collaboration agreement with Austin-based Onward

25/05/2024 Posted by Dale

PGS has announced a collaboration that facilitates on-demand data interpretation provided by Onward, which leverages Onward's technical capabilities to enhance PGS' existing MultiClient and Data OnDemand services and accelerate interpretation workflows.

The collaboration between Onward and PGS gives subscribers of PGS' OnDemand services the option to access Onward's interpretation services and unlock the subsurface potential of extensive seismic data sets. PGS subscribers that engage Onward's additional services will have access to Onward’s global community of geoscience and data science experts who leverage industry-leading analysis tools in a cloud-based environment (subject to certain conditions).

CGG Changes Name to Viridien

18/05/2024 Posted by Dale

At the Annual General Meeting on May 15, 2024, shareholders approved the resolution to change the company’s corporate name from CGG to Viridien.

Sophie Zurquiyah, CEO, Viridien, said: “Our new name, Viridien, connects our company’s history to our future, confidently positioning us for accelerated growth as an Advanced Technology, Digital and Earth Data Company.”

To further support its growth strategy, the company will launch the new Viridien brand on 10th June at the upcoming EAGE Annual Conference in Oslo, further strengthening its focus across a portfolio of solutions including the Core businesses of Geoscience, Earth Data and Sensing & Monitoring, as well as new offerings in both the Low Carbon markets of Minerals & Mining and CCS, and markets beyond energy in High-Performance Computing (HPC) and Infrastructure Monitoring.

PGS Goes Hydrocarbon Hunting in West Africa

12/05/2024 Posted by Dale

PGS has been awarded a 4D contract in West Africa for an international energy company.

Mobilization is scheduled for early September and the contract has a total duration of approximately 65 days, with an option to extend.

“We are very pleased with this contract award, securing visibility for another of our vessels well into the fourth quarter. After completion of scheduled acquisitions programs during the Northern Europe summer season we will steam a vessel to West Africa to commence this contract.

"By combining the Ramform acquisition platform with our proprietary multi-sensor GeoStreamer technology we will provide the client with high-quality 4D seismic data,” says Rune Olav Pedersen, President & CEO in PGS.

PGS reports decline in revenue for 2023

30/04/2024 Posted by Dale

PGS ended the full year 2023 benefitting from an improving data acquisition market with high pre-funding level on MultiClient projects and increasing profitability for contract work.

Nevertheless, revenues declined compared to 2022 due to unexpected scheduling and operational challenges, and lower than expected MultiClient late sales.

This was revealed in PGS’s recent 2023 Annual Report in which outgoing President and CEO Rune Olav Pedersen said of the roller coaster ride through the year: “We entered 2023 with a strong order book in a recovering seismic market. Our integrated service offering enabled us to leverage the market recovery.

Tamboran steps on the gas with Origin agreement in the Top End

30/04/2024 Posted by Dale

Tamboran Resources has announced that the Tamboran/Sheffield JV has entered into a 10-year Gas Sales Agreement for up to 36.5 PJ per annum (18.3 PJ per annum net to Tamboran) with energy retailer Origin.

This follows a MOU executed in June 2022 with gas pipeline operator, Jemena, to enable Tamboran to contract ~100 TJ per day of firm capacity through the Northern Gas Pipeline, subject to applying NGP Access Principles, under a long-term gas transportation agreement.Tamboran Resources' pure focus is on its acreage portfolio in the Beetaloo/McArthur Basin in the Northern Territory, where it is the largest acreage holder with ~1.

PGS Contract Award in Northern Europe

15/04/2024 Posted by Dale

PGS has been awarded a 4D contract in Northern Europe for an independent energy company. The Ramform Tethys is scheduled to mobilize for the survey in late April and the project has a total duration of approximately 30 days.

“We are very pleased with this contract award, marking the start of the Northern Europe summer season for the Ramform Tethys. By combining the Ramform acquisition platform with our proprietary multi-sensor GeoStreamer technology we will quickly provide the client with high-quality 4D seismic data,” says Rune Olav Pedersen, President & CEO in PGS.

PGS announces contract awards and MultiClient projects as stock exchange releases if the contract has a value of $10 million or more, MultiClient projects with a duration of two months or more, and strategically important contracts.

Shearwater Geoservices Completes US$700 million Debt Refinancing.

15/04/2024 Posted by Dale

Shearwater Geoservices has completed the refinancing of its long-term secured debt portfolio.Shearwater Geoservices had issued a five-year US$300 million senior secured first lien bond and then executed a new $US300 million five-year bank term loan with net proceeds used to repay previous secured debt facilities. The bonds rank pari passu with the term loan. Shearwater has also established a US$50 million revolving credit facility (RCF) and a US$50 million guarantee facility.“Shearwater has established a strong foundation for growth and value creation as a global leader within the marine seismic industry in terms of capabilities, capacity and financial standing.

Sercel Announces First Commercial Sale of its New 528 Land Acquisition System

15/04/2024 Posted by Dale

CGG has announced the first major sale - by Sercel - of the Sensing & Monitoring business line of its next-generation 528™ cable-based land acquisition system to the Turkish Petroleum International Corporation (TPIC).

CGG said the client would deploy the system, representing a total of 8,000 channels, on a 3D seismic survey in Turkey, across challenging, semi-arid terrain.

Delivery of the system commenced at the end of March, with the survey expected to start in Q3 2024.

The sale follows the recent launch of Sercel’s new 528 and VE564 land seismic solutions, designed to maximize client return on investment by reducing downtime and boosting productivity even in the harshest of terrains.

Geopolitical tensions come to the boil with oil prices in sharp focus

15/04/2024 Posted by Dale

Iran's launch of over 300 drones and missiles on Israel in the first ever direct attack on the Israeli soil from Iranian territory has increased geopoliticsl risk in the oil market, according to Rystad Energy's oil market update in reaction to the accelerating conflict.

Rystad Energy Senior Vice President Jorge Leon said that although the vast majority of drones and missiles were intercepted, no Israeli fatalities were reported and only minor damage at an Israeli military base was inflicted, the hostilities markedd an unprecedented and dangerous development in an already volatile region.

"As mentioned in our recent commentary, the likely Iranian retaliation increased the geopolitical risk in the oil market.Rystad Energy’s Geopolitical Risk Index increased to 1.22 during the first week of April," Leon said.

The white gold rush and the pursuit of natural hydrogen

13/03/2024 Posted by Dale

The buzz around natural hydrogen – dubbed white or gold hydrogen – is gaining global momentum as a potential gamechanger in the hunt for cost-effective, low-carbon energy sources. Rystad Energy research shows that at the end of last year, 40 companies were searching for natural hydrogen deposits, up from just 10 in 2020. Currently, exploratory efforts are underway in Australia, the US, Spain, France, Albania, Colombia, South Korea and Canada.

One of the most promising elements of white hydrogen is its cost advantage over other forms of hydrogen due to its natural occurrence.