PGS concludes CSEM technology sale

PGS has completed the sale of the hardware, software and intellectual property associated with its towed streamer Controlled Source Electro-Magnetic (CSEM) system to Ocean Floor Geophysics (OFG).

The two parties signed an agreement in September 2020 under which OFG acquired the exclusive rights to use the hardware, software and intellectual property associated with the system.

PGS received shares in Canada-based OFG as settlement for the transaction.

According to PGS, the towed-streamer CSEM technology allows for the acquisition of high-quality marine CSEM data in a fast and efficient manner.

The system is said to complement existing CSEM technology to permit a broad operating envelope.

“We are very pleased to conclude the transaction with OFG, whereby we receive shares in OFG and open up for a closer collaboration,” said Berit Osnes, EVP New Energy of PGS. “Together we cover the space from large scale towed CSEM and seismic surveys to full range of AUV-based geophysical measurements at ultra-high resolution.”