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07 Jan 2019

PGS Updates on Seismic Acquisition Contract in South America

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.

27 Aug 2017

Petroleum Geo-Services Appoints Rune Olav Pedersen as President & CEO

The Board of Directors of Petroleum Geo-Services ASA (PGS) has appointed Rune Olav Pedersen (47) as the new President & CEO of the Company. He will succeed Jon Erik Reinhardsen on 1 September 2017. "The Board has run a thorough succession process since early spring, and assessed a number of very qualified Norwegian and international candidates. With the appointment of Mr. Pedersen, PGS will get a CEO with deep knowledge of the Company and industry and with strong execution capabilities. We look forward to working closely with Mr. Pedersen in the time to come," says Chairperson Walter Qvam. Rune Olav Pedersen has worked in PGS for 7 years and comes from the position of Executive Vice President & General Counsel.

21 Jul 2016

PGS Revenue Slumps

Petroleum Geo-Services ASA reported revenue fall in their recently released Second Quarter and First Half 2016 Results. It logged a healthy MultiClient Sales and continues to undertake cost reductions. "With the gradual recovery of the oil price from its lows in early Q1, we are starting to see early signs of a stabilizing market and improving sentiment," observed Jon Erik Reinhardsen, President and Chief Executive Officer. "We believe that this has started to impact our MultiClient performance positively. The marine contract market is still characterized by very low pricing, but here too we see indications of more predictable patterns in customer survey planning and contracting processes.

24 Aug 2015

Sivertsen is New CEO of EMGS

Bjarte Bruheim has decided to step down as Chief Executive Officer of Electromagnetic Geoservices ASA with immediate effect. He has held this position since 7 January 2015, and before that, he held the position as the company's executive chairman since 2004. The board of directors wishes to express its gratitude to Bjarte Bruheim for his valuable contribution to the company through many years. EMGS has initiated a search for a new CEO. Until a permanent CEO is in place, Stig Eide Sivertsen has been appointed new CEO. As the CEO cannot be a member of the board of directors, according to the Norwegian Public Limited Liability Companies Act, Sivertsen has voluntarily resigned as board member with immediate effect. Sivertsen has served on the Board and chaired the Company's audit committee.

18 May 2015

PGS ASA - First Mover Offshore Mexico

Petroleum Geo-Services ASA (PGS) commenced operations of a MultiClient 2D seismic program offshore Mexico on May 16th. The two 2D vessels Atlantic Explorer and Sanco Spirit will acquire multiple projects recently approved by the Mexican government. The first program to be acquired is the Mexico Well Tie MC2D which will provide clients with an excellent grounding for understanding the hydrocarbon prospectivity in the area. Fast track products will be available in June 2015. "PGS is proud to conduct its first commercial seismic acquisition project in Mexico after approval of the Mexican Energy Reform," says Gregg Parker, Regional President NSA MultiClient in PGS.

16 Mar 2015

PGS Wins Patent Dispute with EMGS

Oslo, Norway, Petroleum Geo-Services ASA informed today that Oslo District Court in its judgment of 13 February 2015 ruled in favor of PGS in the lawsuit filed by ElectroMagnetic GeoServices ASA ('EMGS') against PGS for patent infringement relating to PGS' Towed Streamer EM technology. The court found that EMGS' patent NO 324 454 (the 'EMGS Patent') is invalid and that PGS' Towed Streamer EM system therefore does not infringe the EMGS Patent. PGS was also awarded legal fees of NOK 15,292,917. Oslo District Court found that all the elements of the EMGS Patent were sufficiently described (anticipated) by four independent written articles (prior art). The judgment was thorough and well written, and its conclusion as expected by PGS.

16 Feb 2015

PGS Wins Patent Dispute with EMGS

Petroleum Geo-Services ASA ('PGS' or the 'Company') today announces that Oslo District Court in its judgment of 13 February 2015 ruled in favor of PGS in the lawsuit filed by ElectroMagnetic GeoServices ASA ('EMGS') against PGS for patent infringement relating to PGS' Towed Streamer EM technology. The court found that EMGS' patent NO 324 454 (the 'EMGS Patent') is invalid and that PGS' Towed Streamer EM system therefore does not infringe the EMGS Patent. PGS was also awarded legal fees of NOK 15,292,917. Oslo District Court found that all the elements of the EMGS Patent were sufficiently described (anticipated) by four independent written articles (prior art). The judgment was thorough and well written, and its conclusion as expected by PGS.

26 Nov 2014

PGS Moves Asia Pacific HQ to Malaysia

As a part of the plan to restructure PGS business activities in Asia Pacific the Company has decided to relocate its regional headquarters from Singapore to Kuala Lumpur ("KL"). The move will result in consolidation and centralization of resources and lead to improved competitive advantage and reduced costs, all of which are important in the current challenging market. KL is the hub of the vibrant and active domestic Malaysian exploration and production market. The Imaging center in the city is one of PGS' busiest, carrying a significant part of the Company's load for imaging worldwide. By locating the regional headquarters in KL PGS will get closer interaction with the major international oil companies established there as well as the national oil company Petronas…

11 Sep 2014

PGS Completes Fleet Adjustment

Petroleum Geo-Services ASA announced today that it has implemented further steps to streamline operations, reduce cost and capital expenditures and improve cash flow. PGS has stacked, and will consider selling or scrapping, the seismic vessels Pacific Explorer and Nordic Explorer. The seismic vessel Atlantic Explorer which is currently conducting a 2D survey will be taken permanently down to 2D mode and is planned to be used as a combined 2D, source and EM acquisition vessel. PGS has received notification from Mitsubishi Heavy Industries Ltd. ("MHI") that delivery of the Company's two last Ramform Titan class new builds will be delayed by 2 and 4 months. New delivery dates provided by MHI are August 31, 2015 and January 31, 2016.

01 Sep 2014

Petroleum Geo-Services ASA : Mandatory Trade Notification

Rune Olav Pedersen is awarded 25 000 Performance based Restricted Stock Units as a result of his promotion to General Counsel and SVP Communications and Marketing of PGS, with effect from September 1, 2014. Following the award, Pedersen holds 100 000 unexercised options in the Company, corresponding to 100 000 shares at the strike price of NOK 74.08, 20 000 unexercised options in the Company, corresponding to 20 000 shares at the strike price of NOK 72.07, 53 660 PRSUs and 7 188 shares in the Company. Bård Stenberg is awarded 2 500 PRSUs as a result of his promotion to VP Corporate Communications of PGS, with effect from September 1, 2014.

14 Jul 2014

Petroleum Geo-Services Q2 Performance Likely to be Weaker

Oslo, Norway, Petroleum Geo-Services ASA (PGS) will present second quarter results on July 24, 2014. The Company expects to report weaker Q2 results than current market expectations. Customers' intentions with regard to seismic purchases, particularly MultiClient, have become less predictable recently. Accordingly, and considering the Q2 results, PGS lowers its full year EBITDA guidance to circa $850 million. It should be noted that because of this reduced predictability, the uncertainty range around the EBITDA guidance is wider than normal. The weak Q2 results are mainly driven by lack of pre-funding for the Triton MultiClient survey in the Gulf of Mexico and to some extent by mobilization delays on some Marine Contract surveys, relating to permitting, weather and technical problems.

25 Apr 2013

MHI Contracted for 3D Seismic Survey Vessels

Ramform Seismic Survey Ship: Photo courtesy of MHI

Mitsubishi Heavy Industries, Ltd. (MHI) gets additional order to build 2 seismic vessels for Norway's Petroleum Geo-Services ASA (PGS). The order for the two vessels was placed upon exercise by PGS of the option right that was provided when two same type vessels were ordered to MHI in April 2011. The two newly ordered vessels are scheduled for delivery in the first and second half, respectively, of 2015. With this latest order, MHI will build a total of four vessels to support PGS's deep water energy prospecting services.

13 Mar 2013

ABB Wins $26m Marine Repeat Order

ABB won a $26m order to supply electrical power and propulsion systems for two next generation ‘Ramform’ vessels, capable of three-dimensional (3D) seismic data acquisition for deep sea resource exploration. The ships will be constructed by Mitsubishi Heavy Industries, and delivered in 2015 to Norway’s Petroleum Geo-Services ASA (PGS), a leading company in marine seismic and reservoir data acquisition, processing and analysis/interpretation services. Oil and gas companies use this data to explore for hydrocarbon accumulations, develop new oil and gas fields, and manage their producing fields.

15 Aug 2007

Sea Launch Leaves Victoria Shipyards

Sea Launch Commander alongside the South jetty at Esquimalt Drydock. The Commander completed routine maintenance while supporting work crews at Victoria Shipyards. The Sea Launch Commander & the Odyssey arrived at Victoria Shipyards Co. Ltd. (VSL) on June 14 for a ship repair project. on the Odyssey platform were damaged and in need of repairs. staff at Victoria Shipyards were to complete the unique and challenging repair project. to the hangar and doors, and various other heavy equipment repairs to the Odyssey. Commander also underwent routine maintenance and support activities. Utilizing the TECO Coating Services ASA, a Norwegian subcontractor, scaffolding was erected sequentially on the platform’s supporting columns. towards completion. on every operation.

17 Apr 2007

Tronstad Named President of Aker Kvaerner Verdal

Nina Udnes Tronstad joins Aker Kvaerner as President for the offshore yard at Verdal. She comes from a position as Executive Vice President for HSE in Statoil where she has been a member of the corporate executive committee since April 2005. She will start 1 September 2007. She will report to Mr. Bjørnar Skjevik who will return to his position as head of Aker Kvaerner's fabrication yards. Ms. Ms. Mr. Bjørnar Skjevik continues in his role as head of the fabrication yards in Aker Kvaerner. Nina Udnes Tronstad will report to him. Nina Udnes Tronstad resides with her family at Inderøy, not far from Verdal. She joined Statoil in 1983 and has had a number of managerial positions in the Statoil, including at its Danish and Swedish subsidiaries.

22 Mar 2006

PGS to Build New Supply Vessel at Aker Yards

Petroleum Geo-Services ASA (PGS) has announced that it has signed an agreement of main commercial terms to build a new third generation Ramform vessel at Aker Yards, Langsten, to be delivered in 2008. The agreement is subject to satisfactory completion of a final contract and board approval in Aker Yards. The new Ramform is scheduled for delivery in the first quarter 2008, in time for the North Sea season. PGS will also have an option of building a sister vessel at the same yard. Aker Yards has previously constructed all of the PGS' six current Ramform vessels, demonstrating a strong track record for timely and cost effective construction of this advanced design, according to the company. This is the first PGS new build since the delivery of Ramform Vanguard in 1999.

20 Mar 2006

PGS to Build Third Generation Ramform at Aker Yards

Petroleum Geo-Services ASA (PGS) announced that it has signed an agreement of main commercial terms to build a new third generation Ramform vessel at Aker Yards, Langsten. The new and improved Ramform class seismic vessel has a cost of NOK 562 million. The agreement is subject to satisfactory completion of a final contract and board approval in Aker Yards. The new Ramform is scheduled for delivery in the first quarter 2008, in time for the North Sea season. PGS will also have an option of building a sister vessel at the same yard. Aker Yards has previously constructed all of the PGS' six current Ramform vessels, demonstrating a strong track record for timely and cost effective construction of this advanced design.

21 Feb 2006

Teekay to Pursue FPSO Projects

Production Storage and Offloading (FPSO) units. and Chief Executive Officer. that will result from this increased offshore oil production. Mr. customers and should increase our investment in this area. Production Espen Klitzing. The joint venture will only encompass new projects. venture. venture are to be finalized during the second quarter of 2006.

23 Aug 1999

Petroleum Geo-Services Awarded Two Seismic Contracts

Petroleum Geo-Services ASA was recently awarded a seismic contract in deepwater Gulf of Mexico. Petroleum Geo-Services will utilize its proprietary 3D marine seismic vertical cable technology for the contract awarded by Phillips Petroleum Company in deepwater Gulf of Mexico in the Garden Banks area. The contract will involve one month of high-density data acquisition.

17 Aug 1999

PGS Awarded Two Seismic Contracts

Petroleum Geo-Services ASA (PGS) was recently awarded a seismic contract in deepwater Gulf of Mexico. PGS will utilize its proprietary 3-D marine seismic vertical cable technology for the contract awarded by Phillips Petroleum Company in deepwater Gulf of Mexico in the Garden Banks area. The contract will involve one month of high-density data acquisition.