Company Updates

PGS cautiously upbeat about post COVID-19 “trough”

10/10/2020 Posted by Dale

PGS expects to report Segment* revenues for Q3 2020 of approximately $115 million. Contract revenues ended at approximately $9 million. MultiClient pre-funding revenues were approximately $52 million, from a capitalized MultiClient cash investment of approximately $57 million. MultiClient late sales were approximately $26 million.

Q3 2020 revenues include approximately $23 million of government grants related to the Covid-19 pandemic. The government grants are recorded as Other revenues.

“A majority of our active vessel capacity was allocated to MultiClient in Q3. The market remains challenging, but we believe this quarter represents the trough of this Covid-19 driven downturn.

CGG Geosoftware launches interactive well path planning technology

02/10/2020 Posted by Dale

CGG GeoSoftware has launched WellPath, a new interactive 3D well path planning solution for optimal well planning in unconventional and fractured reservoirs and offshore development platforms, as part of its InsightEarth® 3D visualization and interpretation software suite.

CGG said that WellPath shows the complexity of the subsurface drilling environment in 3D so that drillers can quickly plan and QC horizontal wells on high-density, multi-lateral pads or large offshore platforms. Drilling engineers now have the power to perform interactive directional well path planning while adhering to the constraints of geological targets and engineering design.

Senex to boost jobs from acreage win

29/09/2020 Posted by Dale

Senex Energy is set to create 100 jobs and support hundreds of manufacturing roles after winning a competitive tender for gas acreage that will expand its successful Atlas domestic gas project.

The Queensland natural gas company has also announced that it has a supply agreement with the sustainable lube-oil recycling firm Northern Oil Refinery in Gladstone, on Queensland’s central coast. The agreement supports more than 30 jobs at the refinery and hundreds more at collection depots around Queensland.

Senex said it had created 250 construction jobs and invested $400 million in the company’s Atlas and Roma North projects in the Surat Basin during the past 18 months, benefiting more than 50 businesses in the region.

CGG’s fast-track data from Basin-Wide Gippsland 3D Survey supports Australia’s Acreage Release

29/09/2020 Posted by Dale

CGG has announced delivery of fast-track results from its recently acquired 3D multi-client seismic survey of the Gippsland Basin and says the broadband data will enable informed decisions when bidding on blocks in this prolific, hydrocarbon-producing area.

This industry-first basin-wide survey over ~8,700 sq km was successfully completed in July 2020 and has strong industry support with significant prefunding. It represents Phase II in CGG’s Gippsland ReGeneration reprocessing and acquisition project. Blocks V20-3 and V20-4 in the newly released Australian acreage are covered by the project.

CGG said that historically, imaging the Gippsland Basin’s shelf break and numerous submarine channels has proven extremely challenging.

PGS gets extended lifeline from lenders

29/09/2020 Posted by Dale

PGS ASA has reached an important milestone in discussions with its lenders. The company has come to an agreement in principle on main terms with the negotiation teams of the finance parties under its ~$300 million export credit facilities (“ECF”), and a majority of the lenders under its $350 million revolving credit facility (“RCF”) and ~$520 million term loan B facility (“TLB”).

PGS said the agreement in principle remains subject to lenders’ internal approvals and agreement on final documentation.

Airborne surveys set for take-off in regional Victoria

22/09/2020 Posted by Dale

Airborne gravity surveys are preparing to be flown across large regions of Victoria.

The airborne surveys are being collaboratively organised through Geological Survey of Victoria within the Department of Jobs, Precincts and Regions (DJPR), Surveyor-General Victoria within the Department of Environment Land Water and Planning (DELWP) and Geoscience Australia (Commonwealth Government).

The Department of Environment, Land, Water and Planning said the objective of the project is to collect consistent and evenly distributed gravity measurements.

Shearwater GeoServices awarded marine 3D seismic survey by PETRONAS Suriname

22/09/2020 Posted by Dale

Shearwater GeoServices Holding has announced the award of a large towed streamer 3D seismic survey for Block 52, offshore Suriname by PETRONAS Suriname in an Americas regions the company is focusing on.

The four-month project is scheduled to commence in Q4, 2020.

“This new survey in Suriname comes at an exciting time for this area,” said Irene Waage Basili, the Chief Executive Officer of Shearwater. “We look forward to working together with PSEPBV, an affiliate of PETRONAS in Suriname, for this project.”

The 3D seismic survey covers surface area of 6,200km² in Suriname’s Block 52 and will be carried out by the Geo Caribbean vessel.

PGS “close” to securing liquidity lifeline

22/09/2020 Posted by Dale

Marine geophysical company PGS ASA revealed in its Q2 and preliminary first half 2020 results presentation that it was in negotiations with its lenders to preserve liquidity in light of the dramatic negative market change caused by the Covid-19 pandemic.

The company said these negotiations are in an advanced stage, constructive and carried out with the support of the lenders under its ~$300 million export credit facilities, the lenders under its $350 million revolving credit facility and an ad-hoc group of lenders representing a majority of the ~$520 million term loan B facility.

PGS believes that it...

Talinga boost for APLNG production

15/09/2020 Posted by Dale

MAN Energy Solutions has completed the installation and commissioning of the Origin Energy-operated Talinga Orana gas gathering station.

Located 30km southwest of Chinchilla, the dual train Talinga Orana Gas Gathering Station is vital for continued sustainability of Australia Pacific LNG’s upstream asset portfolio and its ability to bring gas to market.

The station allows Origin to optimise CSG production, specifically from the Orana and Talinga gas fields in the Surat Basin.

MAN said it had installed and commissioned two electric motor driven RB56 compressor trains at Talinga.

In August Origin Energy said APLNG revenue for FY2020 had declined 5% to $2.65 billion in spite of record production 265.3PJ.

PGS sells towed streamer CSEM capability to OFG

15/09/2020 Posted by Dale

PGS and Ocean Floor Geophysics have signed an agreement under which OFG has acquired the exclusive rights to use the hardware, software and intellectual property associated with the PGS towed streamer CSEM system. PGS receives shares in OFG as settlement for the transaction.

The towed-streamer CSEM technology developed by PGS is a state-of-the-art system that allows for the acquisition of high-quality marine CSEM data in a fast and efficient manner. The system complements existing CSEM technology to permit a broad operating envelope.

“We are delighted to have entered into this agreement and to be in a position to add the PGS towed streamer to our OFG Multiphysics division.