Offshore staff
OSLO, Norway – PGS and Magseis Fairfield have agreed to jointly pursue opportunities in the emerging hybrid towed streamer and ocean bottom node (OBN) seismic sectors.
Although the scope is global, the initial focus will be on the North Sea. The collaboration will last for one year firm, with options to extend by up to four years.
PGS defines the hybrid market as the contemporaneous use of towed streamer and OBM acquisition technologies.
In its latest results statement, the company revealed its third-quarter order book was $241 million, 50% more than in 3Q 2020.
Currently vessel operations are experiencing a seasonally lower activity level, following the end of the acquisition season offshore Newfoundland and Labrador.
However, there are positive signs going forward with signs of strong demand for new acquisition in 2Q and 3Q 2022.
PGS expects energy consumption to continue to increase over the longer term with oil and gas remaining an important part of the energy mix, and offshore reserves remaining critical for future energy supply, supporting demand for marine seismic services.
The contract market recovery will likely also benefit from fewer seismic vessels operating internationally compared to pre-COVID. Starting next year, the company also sees demand rising for seismic acquisition services related to carbon capture and storage projects.
10/21/2021
