Geoscience companies share operational updates, offshore outlook
TGS predicts pickup in offshore seismic activity following recent dip
TGS expects below-par results for the second quarter following successive strong quarters, CEO Kristian Johansen warned in an update.
He explained there were several factors:
- Firstly, the end-of-quarter data licensing was below expectations, with clients postponing various data licensing deals.
- Another factor was challenging operational conditions and standby time on one of the company's streamer projects, which had a negative impact on revenue.
- Finally, joint venture partner participation has been lower than anticipated on certain multi-client projects resulting in reduced contract revenues.
Johansen said he was more confident about prospects going forward.
He added, “Discussions with our clients support our view that exploration activity will gradually increase from today's levels. The successful offshore licensing round in Brazil and the recent announcement of a lease sale in the US Gulf of America are both positive drivers in facilitating more seismic activity in two of our key markets.”
Earlier this month, TGS secured a new offshore wind site characterization contract offshore Norway, including acquisition, imaging and interpretation services, according to a July 2 press release. The Ramform Vanguard vessel will start shortly of the estimated 25-day program.
North Sea Shipping vessel completes offshore India surveys
Another seismic exploration company, North Sea Shipping, reported having one vessel on charter at the end of the second quarter, the Atlantic Guardian.
The vessel completed the second of two proprietary surveys offshore India and was now sailing back to Norway to acquire three pre-funded multi-client surveys in the North Sea, with a combined value of $2.7 million.
Earlier this year, North Sea Shipping signed an 18-month extension with Moreld subsidiary Ocean Installer for its North Sea Giant multi-purpose offshore construction vessel. The company says this contract ensures operations until the end of first-quarter 2027.
Fugro enters underwater equipment security partnership
Fugro has teamed up with software developer DTACT and AI-powered satellite intelligence provider Ubotica.
The trio will create a data fusion and intelligence platform to help government organizations strengthen national security through safeguarding underwater infrastructure.
Threats posed to subsea pipelines, communication cables and other underwater equipment could disrupt energy supply and connectivity. The planned unified platform will combine multiple data sources to help the authorities detect, identify, monitor and respond to suspicious activities at sea.
Fugro will contribute geo-data compiled by its autonomous uncrewed surface vessels, underwater vehicles and aerial drones, all managed through remote operations.
Ubotica will provide near-real-time satellite vessel tracking data using its AI-acquisition technologies. DTACT will then apply its data fusion capabilities to combine the geo-data and satellite intelligence with other data streams, delivering an intelligence picture for risk assessment and decision support.
Ubotica CEO Fintan Buckley said, “This integrated approach…creates enhanced maritime awareness and a near-real-time response capability that will secure critical underwater infrastructure well into the future.”
Shearwater aims to increase its balance sheet resilience
Last week Shearwater Geoservices reported that it has implemented measures to increase balance sheet resilience in response to the combination of short-term low activity levels and working-capital intensive projects during the second and into the third quarter of 2025.
Measures related to the bank-loan include temporary adjustments of the leverage ratio covenant to 5.00x, deferral of two debt instalments until January 2027, and amendment to the definition of free liquidity to include certain customer receivables from tier-one clients.
Shearwater has implemented a targeted cost reduction program and is lowering its non business critical growth and maintenance capex. The marine geoscience and technology company says the above initiatives are expected to have a positive impact on its free liquidity over the next 12 months of more than $60 million.
In June, Shearwater shared three project updates:
- TotalEnergies contracted Shearwater to acquire a two-month 3D marine seismic acquisition survey offshore São Tome & Principe on the STP-02 Block. The SW Empress is scheduled to start work on the program this month.
- Shearwater reported that it expects to start acquiring a one-month 4D towed streamer seismic survey over the producing Tyrihans Field in the Norwegian Sea, which was newly awarded by operator Equinor.
- Shearwater has completed its second season of 3D seismic data acquisition over the Pelotas Basin offshore the Atlantic Coast of South America.
PXGEO names new chief strategy and transformation officer
PXGEO has appointed Hans-Peter Burlid to the newly created position of chief strategy and transformation officer. Burlid, currently the organization’s CCO, will be tasked with driving long-term strategic direction to deliver sustainable growth and lasting competitive advantage.
Burlid will lead the company’s strategic agenda under the guidance of newly appointed Executive Chairman and CEO Charles ‘Chuck’ Davison Jr.
Burlid has 21 years of experience, largely in finance and commercial roles throughout the maritime and subsea data acquisition industry. Prior to PXGEO, he spent 13 years at geophysical service provider Polarcus, where he served as CFO for five of those years.
Established in 2021, PXGEO employs a workforce of 400 across strategic global locations, including its Dubai headquarters and offices in Paris, Houston and Oslo, along with a dedicated offshore workforce.
In January, Aker BP and PXGEO agreed to collaborate to deploy seismic acquisition technology to enhance subsurface exploration and development activities offshore Norway. Aker BP said at the time that recent results from seismic imaging and seismic velocity model-building derived from ocean-bottom node data on the Norwegian Continental Shelf have been superior to seismic data obtained using other methods.
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About the Author
Jeremy Beckman
Editor, Europe
Jeremy Beckman has been Editor Europe, Offshore since 1992. Prior to joining Offshore he was a freelance journalist for eight years, working for a variety of electronics, computing and scientific journals in the UK. He regularly writes news columns on trends and events both in the NW Europe offshore region and globally. He also writes features on developments and technology in exploration and production.