PGS scores 4D GoM deal as seismic market bounces back

January 31, 2022, by Ajsa Habibic

Norwegian seismic company Petroleum Geo-Services (PGS) has secured a contract with an undisclosed client to conduct a 4D seismic survey in the Gulf of Mexico.

According to PGS, the survey will be conducted with a Ramform Titan-class vessel with the acquisition set to commence in late February and last for a month.

Further details about the contract or the project were not revealed.

“We are very pleased with this 4D contract award in the U.S. Gulf of Mexico, which historically has been a multiclient market. With our Ramform acquisition platform and superior multi-sensor GeoStreamer technology we will provide the client with high-quality 4D seismic data“, said president & CEO of PGS, Rune Olav Pedersen.

The contract comes at the time of the overall seismic market being “weaker”, as reported recently by the company.

Due to this, PGS reported an almost $6 million decrease in segment revenues in 2021 compared to 2020. However, the company’s CEO said that the market is gradually recovering thanks to more activity and improving prices in the contract market adding that PGS achieved a 42% increase in its contract revenues.

The Norwegian company also announced a revised and updated strategy to continue developing its position in the near-field exploration and production (4D) seismic markets and targetting the ongoing energy transition with the New Energy business established early last year.