Ocean Floor Geophysics (OFG), a company in which PGS owns approximately 43%, has now completed the acquisition of NCS SubSea and thereby controls the market-leading P-Cable system.
The P-Cable system provides ultra-high resolution 3D seismic data to the oil and gas and new energy markets.
“This transaction further strengthens the PGS-OFG partnership and expands our combined offering within conventional and New Energy markets. We are building OFG to be a preferred provider of marine site characterization and asset integrity services,” says Artem Lytkin, Vice President PGS New Energy and an Executive Chairman of OFG.
“OFG is delighted to complete the acquisition of NCS and its P-Cable ultra-high resolution 3D seismic technology. We have seen a significant market interest in P-Cable over the past few months in both traditional oil and gas markets for shallow imaging of reservoirs and geohazards, as well as in new energy markets, particularly for offshore wind surveys. We look forward to offering P-Cable products and services to existing and new customers,” says Matthew Kowalczyk, CEO of OFG.
In March this year OFG acquired the entire share capital in NCS SubSea, which owns and operates the P-Cable system.
With the addition of the P-Cable technology, OFG said it now provided the broadest range of marine geophysical data technology and services in the offshore market. The multiphysics offering includes the widest range of sensor solutions deployed from surface, AUV, and ROV platforms, and is combined with unique multiphysics processing, integration, and interpretation know-how.
“PGS remains a dedicated and reliable pioneer serving the energy industry with our integrated geophysical data acquisition and processing capabilities. Our strategic collaboration with OFG and their acquisition of NCS SubSea further expands our offering within the New Energy markets. By bringing the ultra-high-resolution P-Cable 3D seismic technology into OFG, we can apply PGS’ inhouse data processing capabilities, expanding our offering for site characterization and shallow geohazard applications,” said Berit Osnes, EVP New Energy of PGS.
