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Seismic News

18 Sep 2023

Norwegian Seismic Specialists TGS and PGS Set to Merge

A PGS seismic vessel - Credit: PGS

Seismic group TGS, a supplier of key data to the oil industry, has agreed to buy loss-making rival PGS in an all-share deal valued at 9.3 billion Norwegian crowns ($864 million), the two Oslo-listed companies said on Monday.The groups expect "significant economies of scale" from the combination, with a preliminary estimate of cost cuts amounting to $50 million, they said in a joint statement.The deal, if approved by regulators, will give TGS ownership of seven modern seismic ships…

12 Sep 2023

Mounting Evidence Shows Seismic Surveys Can Harm Marine Life

© Sean / Adobe Stock

Woodside Energy last week announced it would start seismic testing for its Scarborough gas project off Australia’s west coast, before reversing the decision in the face of a legal challenge from Traditional Owners.Seismic testing is highly controversial in marine environments. Australia’s federal regulator (the National Offshore Petroleum Safety and Environmental Management Authority) is currently examining a proposal for seismic testing in the Otway Basin in Bass Strait, which conservationists say has attracted more than 30…

08 Sep 2023

Glamox to Install LED Lighting on Eight PGS Seismic Vessels

Credit: Glamox

Lighting solutions specialist Glamox has won a contract from the Norwegian marine seismic survey firm PGS to provide marine LED lighting for eight of its seismic data acquisition vessels.This first phase of the retrofit project will involve replacing fluorescent tube lighting with around 2,500 marine-certified LED luminaires fitted on the exterior and interior of the eight vessels. PGS’s switch to energy-efficient LED lighting is being driven by its desire to comply with emission reduction targets…

14 Jul 2023

Shearwater in 'Pioneering' Seismic Survey Project Offshore Norway

©Shearwater

Offshore seismic survey specialist Shearwater on Friday announced a new project with the Austrian oil firm OMV for a "pioneering" towed streamer survey with Ocean Bottom Nodes over the Berling gas and condensate discovery in the Norwegian Sea. Spanning 1040 sq.km, this hybrid survey starts in July 2023 and will last for three months. Shearwater's vessels, SW Tasman and Oceanic Vega, will lead the operations. SW Tasman will operate as an ROV node deployment vessel for first time…

01 Jun 2023

Eidesvik Offshore to Sell Three Laid Up Seismic Vessels

Eidesvik Offshore has entered into agreements to sell its three remaining seismic vessels, Veritas Viking, Vantage, and Viking Vision, to two separate buyers. All the vessels are in lay-up and treated as held for sale in the company accounts. Eidesvik Offshore did not say who the buyers were.The company will, at completion of the sales, expected during this summer, recognize a total gain of approximately NOK 63 million (currently around $5,6 million).Gitte Gard Talmo, President & CEO of Eidesvik commented: "We are pleased to announce the sale of these non-strategic assets with a solid gain. The sale will further improve an already strong balance sheet.”

26 May 2023

Chinese Ships Ignore Vietnam Demand to Leave Area Close to Russian-run Offshore Gas Fields

A Chinese research ship and five escort vessels were in Vietnam's exclusive economic zone (EEZ) on Friday, close to gas blocks operated by Russian firms in the South China Sea, a day after Vietnam urged the ships to leave.The Chinese vessel Xiang Yang Hong 10 began operating in Vietnam's EEZ on May 7, representing the most significant incursion since 2019, according to Ray Powell, who leads Stanford University's Project Myoushu on the South China Sea.He said China's conduct and Vietnam's reaction were a "worrying escalation."China claims most of the energy-rich waters of the South China Sea, including areas that are within Vietnam's EEZ. The 2019 standoff lasted for more than three months and largely targeted a block then operated by Russian state oil firm Rosneft ROSN.MM.

25 Jan 2023

Norwegian Marine Seismic Player Enters Offshore Wind Market

Illustration only - A PGS survey vessel

Norwegian company PGS, best known for its seismic survey services in the offshore oil and gas sector, said Wednesday it had scored its first offshore wind contract. The company said it had secured its first ultra-high resolution offshore wind farm site characterization project, marking its debut in "a strategically important new energy market.""PGS New Energy offers solutions to the ongoing energy transition by building on the subsurface and operational expertise of PGS’ employees and using the company’s assets.

04 Oct 2022

Shearwater to Introduce Deepwater Dual-ROV OBN Deployment Vessel

Credit: Shearwater GeoServices

Marine seismic survey services specialist Shearwater GeoServices is set to introduce its first dual ROV seismic vessel, which the company says will be equipped with a broad scope of operational capabilities. "Designed to deploy ocean bottom nodes in both deep and shallow water, the vessel will also be able to provide high-quality source for surveys and conduct towed streamer surveys," Shearwater said.The dual ROV vessel, under Shearwater ownership and management, is expected to be available in the second quarter of 2023 following a conversion of the SW Tasman multipurpose vessel.

30 Aug 2022

Green Energy Group Wraps Sale of 'Petrel Explorer'

Norwegian company Green Energy Group has completed the sale of its Petrel Explorer seismic survey vessel.The company, which last year rebranded to Green Energy Group from Seabird Exploration to reflect a strategic shift in business towards green energy transition, in July entered into a binding agreement to sell the Petrel Explorer to an undisclosed buyer for an undisclosed sum.The transaction was completed on August 29, 2022, and the company handed over the vessel and received the transaction amount in full. "The sale of the non-strategic Petrel Explorer further strengthens the company`s balance sheet and liquidity, enabling us to deliver on our asset-light strategy while aiming to consolidate the seismic markets we are involved in…

19 Jul 2022

Green Energy Group Sells Petrel Explorer Survey Vessel

Norwegian company Green Energy Group has agreed to sell its Petrel Explorer seismic survey vessel.The company, which last year rebranded to Green Energy Group from Seabird Exploration to reflect a strategic shift in business towards green energy transition, said Monday it had entered into a binding agreement to sell the Petrel Explorer to an undisclosed buyer for an undisclosed sum.The sale is expected to be completed in about four weeks and will see the vessel leave the offshore industry, Green Energy Group, whose offshore seismic business area maintains the SeaBird Exploration name and operates as a subsidiary, said."The sale of the non-strategic Petrel Explorer further strengthens the company's balance sheet and liquidity…

05 May 2022

PGS to Start Large Offshore Survey in Norwegian Sea Next Week

Ramform Atlas - Credit: PGS

Norwegian seismic company PGS said Thursday it had secured solid industry pre-funding for a large MultiClient survey on the Northwest shelf of the Norwegian Sea. The Ramform Atlas vessel is currently mobilizing for the survey, with scheduled acquisition starting around May 10.President & CEO in PGS, Rune Olav Pedersen said:"This is the first large-scale MultiClient survey we are acquiring offshore Norway since 2020, as we experience increasing demand for high-fidelity MultiClient data from renewed exploration interest among our clients.

03 May 2022

PGS Wins Wide Azimuth 3D Survey Contract Offshore Cyprus

Credit: PGS

Norwegian marine seismic survey company PGS has won a Wide Azimuth 3D acquisition contract offshore Cyprus. PGS, which owns a fleet of seismic survey vessels, said that mobilization was scheduled to start in mid-June. The acquisition is expected to complete in mid-August.President & CEO of PGS, Rune Olav Pedersen said: "We are very pleased with this contract award, which is an importantcontribution to our vessel utilization during the summer season. The Eastern Mediterranean is a prolific gas region and a well-known area to PGS.

21 Mar 2022

Eidesvik Offshore Nets Bareboat Charter of 'Veritas Viking'

Norwegian offshore vessel operator Eidesvik Offshore said Friday it had won a contract for its Veritas Viking seismic vessel.The deal, with an undisclosed client, is for a bareboat charter for 100 days with options for extensions. The 93,4 meters long vessel was built in 1998."The vessel will be mobilized from its current location at Bømlo and is scheduled to commence the bareboat contract ultimo April 2022," Eidesvik Offshore said.

02 Mar 2022

Seismic Firm PXGEO Charters Eidesvik Offshore's 'Subsea Viking'

Subsea Viking - Credit: Eidesvik Offshore

Norwegian offshore vessel owner Eidesvik Offshore has won a contract with the seismic survey company PXGEO under the master time charter agreement for the Subsea Viking vessel. Ediesvik said that the contract would start "ultimo April 2022," in direct continuation of the existing stand-by contract. No financial details were shared.The firm period is 100 days with options for extensions. According to MarineTraffic, the vessel is currently docked in Høylandsbygd, Norway.The 1999-built…

02 Mar 2022

Shearwater Sells Seismic Vessel Quartet for Recycling

Polar Marquis - Credit: Shearwater GeoServices

Offshore seismic services company Shearwater GeoServices said Tuesday it was divesting the four seismic survey vessels Polar Marquis, Oceanic Challenger, SW Emerald, and SW Eagle for recycling as part of its fleet renewal strategy.The first two vessels, Polar Marquis and Ocean Challenger, have been delivered in Turkey for recycling in accordance with EU regulations and the 2009 Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships, Shearwater GeoServices said.SW Emerald - Credit: Shearwater GeoServicesThe further two vessels…

13 Dec 2021

SeaBird Gets Termination Notice for OBN Source Vessel Contract

Marine seismic firm SeaBird Exploration, a subsidiary of seabed minerals-focused Green Energy Group, said Friday it had received notice of termination regarding work for the Fulmar Explorer vessel.SeaBird in October said it had entered into a firm duration one-year contract for the Fulmar Explorer "with a repeat customer." "The contract was to begin in November 2021.However, the company said Friday that a termination notice came for the client and that it "has not accepted the termination.""The two parties are currently in discussions with the aim of finding a solution," SeaBird said."The Fulmar Explorer is currently in Galveston, Texas and has against this contract been outfitted as a high-end OBN source vessel.

24 Nov 2021

PGS Wins 4D Seismic Survey Gig in North Sea

Norwegian marine seismic data acquisition firm PGS has won a 4D survey contract in the North Sea.The company said Wednesday that a Ramform Titan-class vessel was scheduled to start the acquisition in early August of 2022 and complete it in mid-September.President & CEO in PGS, Rune Olav Pedersen said: "We are very pleased to be awarded this 4D contract in the North Sea. It is encouraging to see our clients securing capacity well in advance, like in this case, and we believe in a continued improvement of the contract market next year."PGS did not share the identity of the client.

15 Sep 2021

CGG Extends Seismic Vessel Deal with Shearwater in Brazil

Shearwater GeoServices has won a six-month contract extension with seismic data firm CGG on its Nebula survey offshore Brazil and is nearing completion of work for CGG on its North Viking Graben survey.Shearwater has previously conducted work for the extensive Nebula survey in the Campos and Santos basins and the announced extension will run to the end of 2021.“We are pleased with this extension in this very promising exploration area, adding more work to Oceanic Sirius and to our overall backlog”, said Irene Waage Basili, CEO of Shearwater.In the North Sea, Shearwater's Amazon Conqueror vessel has recently completed its work for CGG on the North Viking Graben survey, where the SW Amundsen vessel continues.

08 Jul 2021

GC Rieber Reduces Ownership in Seismic Firm Shearwater GeoServices

A Shearwater GeoServices vessel (Credit:Shearwater GeoServices)

Norwegian offshore vessel operator GC Rieber Shipping is reducing its ownership in the seismic acquisition giant Shearwater GeoServices.GC Rieber said Thursday it had agreed to sell shares in Shearwater decreasing its ownership from 17.0% to 8.5%. Gross proceeds from the sale will be USD 50.5 million, GC Rieber said."The sold shares had book value of USD 41.6 million per 31 March 2021. Following the transaction, which is expected to be completed shortly, GC Rieber Shipping will…

08 Jul 2021

SeaBird Exploration Signs LoI with 'Leading Operator' for Fulmar Explorer Source Vessel

Seismic services company SeaBird Exploration has signed a letter of intent for a source vessel contract with an unnamed "leading operator."The company did not say where the vessel would be deployed exactly apart from saying it would be in the Western Hemisphere.According to SeaBird, the operator has specifically requested the Fulmar Explorer vessel for the work program. The 80.35 meters long Fulmar Explorer, built in 2009, joined the SeaBird Exploration fleet in 2019. The vessel's previous name was BOA Galatea.The contract is expected to start in Q4 2021 and has an expected duration of about 4 months. "To this end, SeaBird Exploration delivers on its main growth targets for 2021…

10 Jun 2021

Shearwater GeoServices Recycles Seismic Vessel

 Western Trident -Credit:Shearwater

Marine seismic contractor Shearwater GeoServices has sold the seismic vessel Western Trident for recycling as part of the company’s fleet renewal strategy.The vessel has been delivered in Turkey for recycling. In late 2020, Shearwater also sold the CGG Alize vessel to be repurposed outside of the seismic industry.Shearwater said the vessel sales, coupled with the company's recent acquisition of six modern seismic vessels, forms part of Shearwater’s fleet renewal strategy to replace older and less efficient units.

25 Jun 2021

Seismic Firm Polarcus Set for Business Wind-down, Delisting from Oslo Exchange

Polarcus Limited, a seismic surveyor in liquidation, is set to be wound down and delisted from the Oslo Stock Exchange.As previously reported, in January this year, lenders took control of the company's vessels after a debt payment default, and decided to sell them and let go all the employees.On February 8, 2021, David Griffin and Andrew Morrison of FTI Cayman, and Lisa Rickelton of FTI London were appointed Joint Provisional Liquidators (JPL) of the struggling seismic services provider by an order of the Court. Liquidators were specifically authorized by the Court to take all necessary steps to develop and propose a restructuring of the company’s financial indebtedness with a view to making a compromise or arrangement with the company’s creditors.Since their appointment…

10 Mar 2021

Equinor Awards Long-term Frame Deals to Seismic Players PGS and Shearwater

The Ramford Vanguard seismic vessel. (Photo: Ole Jørgen Bratland)

Offshore seismic survey contractors PGS and Shearwater GeoServices have been awarded framework agreements with Equinor for 4D towed streamer seismic acquisition on the Norwegian continental shelf (NCS) in what Equinor said was a new way of working with seismic contractors.The agreements have a total estimated value of around NOK 700 million (~USD 82,7 million).“This is a new way of working with seismic suppliers. We are moving away from annual tenders towards a more long-term collaboration model.