Geophysical Company News

Portugal’s Navalrocha Shipyard is reporting a flurry of activity in 2020 as it navigates the COVID-19 outbreak and prepares for a packed order book in the coming months.Navalrocha commercial director Sergio Rodrigues said the shipyard had recorded several landmarks during a highly memorable period in its history, completing its first multimillion Euro refit for a seismic survey vessel before managing its first ballast water treatment system (BWTS) installation.The projects were accompanied by a series of other deals involving bunker tankers…

Portugal’s Navalrocha shipyard said it has completed a multimillion-euro repair and refit project for Dubai-based marine geophysical company Polarcus.The drydock project which completed in January 2020 involved a broad package of work to the ultra-modern 14 streamer 3D/4D seismic vessel – Polarcus Naila.The vessel is environmentally advanced with diesel-electric propulsion, high specification catalytic converters, a double hull and advanced bilge water cleaning system.“The Polarcus Naila visited Navalrocha shipyard for a total of 33-days running through the Christmas period…

Norwegian seismic services provider Petroleum Geo-Services (PGS) said that key areas for the 2020 Malaysia Licensing Round are covered by the PGS Sabah MC3D program.Data is available to evaluate the petroleum potential of the highly prospective offshore Sabah province, said a press note from the geophysical company.Over 47 000 sq. km high-resolution 3D data is available for Sabah, covering new opportunities near established plays in this exciting hydrocarbon province.Block SB-2T on the 2020 bid round is almost entirely covered by Sabah MC3D. SB-2T lies in the proven fold and thrust belt and is surrounded by producing oil and gas fields.

Norwegian seismic player TGS-NOPEC Geophysical Company (TGS) has completed its acquisition of Spectrum, creating a global multi-client geophysical data provider.TGS first announced its intent to acquire Spectrum on 2 May 2019, said a press release from TGS.Completion of the acquisition and the merger plan has today been registered with the Norwegian Register of Business Enterprises. As a consequence and following the issuance of 16,076,047 consideration shares to the former shareholders of Spectrum, the new share capital of TGS is NOK 29,680,959.25 divided on 118,723,837 shares each with a nominal value of NOK 0.25.Commenting on the acquisition, Kristian Johansen, CEO of TGS, said, “We are pleased to have formally closed the transaction to acquire Spectrum.

Norwegean surveying services company TGS-NOPEC Geophysical Company (TGS) has been awarded a five-year contract for Digital Well Log Data Processing with the United States Department of the Interior, Bureau of Safety and Environmental Enforcement (BSEE), a federal agency tasked with overseeing offshore oil and gas activities.TGS has been providing Digital Well Log Data Processing services to BSEE since 2004, said the provider of multi-client geoscience data to oil and gas Exploration and Production companies worldwide.BSEE requires complete, defect-free sets of processed, high-quality open-hole digital well log data and contracts companies to serve as an agent of BSEE for the processing…

TGS-NOPEC Geophysical Company (TGS) and Norwegian marine seismic specialist Petroleum Geo-Services (PGS) announced the Torngat 3D multi-client project in Offshore East Canada.Torngat 3D will cover approximately 3,287 km2 and encompasses sections of the open acreage included in the Labrador South November 2021 bid round, said a press release from TGS, provider of multi-client geoscience data to oil and gas Exploration and Production companies worldwide.PGS’ Ramform Titan will perform the acquisition, utilizing Geostreamer technology. The project is expected to commence in late July 2019.The Torngat 3D survey sits within Labrador Sea’s southern sedimentary basins where frontier exploration has already successfully identified hydrocarbons…

Seismic survey company TGS-NOPEC Geophysical Company (TGS) said it will acquire rival seismic survey company Spectrum ASA.The transaction is expected to be completed as a statutory merger pursuant to Norwegian corporate law between TGS and Spectrum, with merger consideration to Spectrum shareholders in the form of 0.28x ordinary shares of TGS for each Spectrum share, in addition to a cash consideration of $0.27 multiplied by the Exchange Ratio subject to the transaction closing after the ex-date for the TGS dividend payable in th third quarter of 2019 (expected to be early August 2019).Definitive merger documents are expected to be entered into during May…

Norwegian seismic player Petroleum Geo-Services ASA (PGS) updated on changes of the contract for the 3D survey in South America announced November 14, 2018.The vessels Ramform Atlas and Ramform Tethys mobilized early December 2018 for this survey. The contract had an estimated total duration of approximately 13 vessel months and an estimated value in excess of $75 million, the marine geophysical company said.Due to unresolved issues affecting the survey, both vessels have been on paid standby from December 23, 2018.The client, ExxonMobil, has notified PGS that the Ramform Atlas is no longer required. PGS will receive payment for mobilization, work performed, standby and demobilization.

Scandinavia's Offshore/Marine electronics manufacturing services company Kitron and Norwegian geophysical company Magseis ASA has entered into an agreement to manufacture Magseis' MASS (Marine Autonomous Seismic System) nodes to support their growth.Magseis, founded in 2009,  is specialising in OBS - Ocean Bottom Seismic - acquisition. Magseis has developed their proprietary, autonomous MASS nodes and fully automated handling system, which is used to acquire high quality seismic data for clients. The OBS market is in steady growth and the demand for OBS nodes is increasing.Based on Kitron's experience and capacity, Magseis has awarded Kitron a contract to supply electronics, high-level assembly and system testing of the MASS nodes.

Norwegian marine geophysical services company Shearwater GeoServices Holding AS has entered into a definitive agreement to acquire the marine seismic acquisition assets and operations of Schlumberger’s geophysical services product line, WesternGeco.The transaction, which remains subject to regulatory approvals and other customary closing conditions, is expected to close in the fourth quarter of 2018.Houston based Schlumberger will receive cash consideration based on an enterprise value of $600 million plus a 15 percent post-closing equity interest in Shearwater. For a limited period, Schlumberger  will be entitled to payments under an earn-out agreement linked to future vessel usage over and above specific thresholds.

Marine geophysical company Polarcus Limited announced it has secured two offshore seismic survey projects.The company said it has entered into a contract for a two-month broadband 3D marine seismic acquisition project in Australia that will commence immediately.Polarcus also received a letter of award for an XArray 3D marine seismic acquisition project in Asia Pacific. The two-month project is slated to begin immediately after the Australian project.“These awards in Asia Pacific provide important visibility, extending a regional campaign for Polarcus well into Q3 2018,” Polarcus said.

Michael Mannering has been nominated to succeed Polarcus’ outgoing chairman of the board, Peter Rigg, with effect from the 2018 AGM on May 10.Rigg will retire after a decade as chairman of the marine geophysical company, having served in the role since the company’s inception in 2008.Mannering has previously held many senior corporate positions in Schlumberger as well as chairman and, subsequently, non-executive director of Songa Offshore until its acquisition by Transocean. He has a BSc (First Class) in Mechanical Engineering from the University of Southampton.

Shearwater GeoServices, jointly owned by GC Rieber Shipping ASA and Rasmussengruppen AS, has been awarded a new contract by geophysical company TGS. The project is expected to take approximately three months and is scheduled to be completed by the end of September, 2018. For the second consecutive year Shearwater has been awarded a contract for a seismic survey on the Atlantic Margin in the Norwegian Sea. The 2018 survey will cover 5,135 km2 and will be performed by one of Shearwater's high-end 3D vessels. The vessel will utilize FlexiSource and a wide tow spread, for which all Shearwater vessels are designed. "We are very happy to return to the Atlantic Margin to work with TGS once more, extending the largest 3D seismic survey in Northern Europe.

Marine geophysical company Polarcus Limited said it has received a letter of award for a 4D marine seismic acquisition project in the Asia Pacific region.  The project is due to commence in the first quarter of 2018 and will run for approximately one month. A Polarcus spokesperson said the company could not share further information around the project. Following this award the Polarcus’ active fleet is 100 percent booked for the first quarter.

Polarcus is currently acquiring an ultra-wide 3D marine seismic project offshore Myanmar, for which its vessel Polarcus Amani is towing an in-sea configuration that measures 1.8 kilometers wide across the front ends. With each of the 10 streamers separated by 200 meters, the total area covered by the spread is 17.6 square kilometers, making for the largest in-sea configuration ever towed by a single seismic vessel, as well as the largest manmade moving object on earth. The achievement…

Polarcus has received a letter of award from TGS-NOPEC Geophysical Company, a marine seismic data acquisition specialist, for acquisition of 30,000 square kilometers of 3D multi-client data in Europe. Approximately 20,000 sq.km. will be acquired in 2017 utilizing two Polarcus vessels and its innovative XArray(TM) multiple source acquisition method to deliver extremely efficient, high quality broadband data. The project will commence early in Q2 2017. The remaining 10,000 sq.km. will be acquired in 2018 utilizing up to two Polarcus vessels with commencement expected in early Q2 2018. "Polarcus is very pleased to expand its collaboration with TGS for this major award", stated Rod Starr, Polarcus CEO.

Marine geophysical company Polarcus announced it will implement further measures to cut costs, including additional headcount reductions and changes to the executive management team. The expanded cost reductions are part of a longer term plan that aims to help Polarcus withstand a prolonged difficult market as well as to take advantage of opportunities in this volatile environment, the company explained. As part of the cost management program implemented at the end of 2014, personnel reductions now total 26 percent.

TGS-NOPEC Geophysical Company (TGS) and Schlumberger today announced a new multi- and wide-azimuth (M-WAZ) multiclient reimaging program in the highly prospective Central U.S. Gulf of Mexico. Final results are expected in early 2018, ahead of a period when substantial block turnover in the area is anticipated. The new Fusion M-WAZ reimaging program comprises data covering more than 1,000 Outer Continental Shelf (OCS) blocks (~23,000 km2) from 3D WAZ programs previously acquired by TGS and Schlumberger with the WesternGeco Q-Marine* point-receiver marine seismic system between 2008 and 2012. This large reimaging program will process data from the Mississippi Canyon…

Polarcus Limited has signed a Letter of Intent (LOI) with TGS-NOPEC Geophysical Company for the sale of its multi-client projects in Northwest Europe and West Africa in return for a cash consideration of US$27.5 million and future revenue share on library late sales. Polarcus said that the agreement includes an upfront cash payment, a tiered revenue share from future sales of the divested multi-client projects and further contains cash payments for costs deferred under existing contractual agreements. The transaction will result in a non-cash impairment of the multi-client library of approximately $65 million. Polarcus' Capreolus 3D survey offshore Australia does not form part of the transaction and will continue to be owned and marketed by Polarcus.

Polarcus Limited announced it has signed a Letter of Intent (LOI) with TGS-NOPEC Geophysical Company ASA (TGS) for the sale of its multi-client projects in Northwest Europe and West Africa (MC Projects) in return for a cash consideration of $27.5 million and future revenue share on library late sales. The agreement includes an upfront cash payment, a tiered revenue share from future sales of the divested MC Projects and further contains cash payments for costs deferred under existing contractual agreements.

Norwegian marine geophysical company PGS has extended its non-exclusive service agreement with Radio Holland for navigation and communication services onboard nine seismic vessels in its global fleet. Radio Holland is known in the maritime industry for its NavCom and Maintenance services through its global network of more than 80 offices. Radio Holland Norway has worked with two PGS’ vessels (Ramform Atlas and Ramform Titan) on a Service Agreement for several years already. Starting June 10…

Polarcus Limited  has announced it has received a letter of intent for a 3D marine seismic project in West Africa. The client was not disclosed by the Dubai-based seismic vessel operator, who will utilise its RightBAND technique for the broadband data acquisition. The project is of two weeks duration and will form part of the Company's West African campaign during Q4 2015. The new contract is the company’s fourth announced this month with new projects won in Brazil, Australia and Myanmar. Polarcus is an innovative marine geophysical company with a pioneering environmental agenda, delivering high-end towed streamer data acquisition and imaging services from Pole to Pole.

Seismic contractor Polarcus has extended the agreement with TGS-NOPEC Geophysical Company ASA (TGS) for an additional year. Under the agreement, the companies will continue to jointly develop selected 3D multi-client projects and TGS will extend its vessel commitment with Polarcus to the end of 2018 for up to 10,000 sq. km. The recently announced XArray project in the Gulf of Mexico with TGS forms part of this commitment. Additional awards under this commitment will be announced separately. "This agreement will continue to leverage the core strengths and expertise of both parties," stated Duncan Eley, Polarcus CEO.