PGS Wins Wide Azimuth 3D Survey Contract Offshore Cyprus

OE Staff May 3, 2022

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 important
contribution to our vessel utilization during the summer season. The Eastern Mediterranean is a prolific gas region and a well-known area to PGS. With our Ramform acquisition platform and GeoStreamer technology we will provide the client with high-quality data."

PGS did not reveal the identity of the client or the specific vessel that will be used for the job.

Pedersen last week said he expected all the company's active vessels to be busy from the early second quarter.

"As we enter the summer season, we expect vessel utilization to improve and to operate all our six active vessels from early Q2. We believe that the contract market will improve further this year. We are experiencing increasing demand for our MultiClient data from a re-emerging exploration interest among our clients, and we expect MultiClient late sales to increase in 2022, compared to 2021," Pedersen said as part of the presentation of the 1Q results.