In response, PGS will cold-stack two acquisition vessels in the current quarter followed by warm-stacking of a third in 3Q.
Reduced demand for seismic services will likely continue into 2021, although the company believes the present extreme imbalances in the oil market are temporary.
Once the COVID-19 crisis has passed, it expects energy consumption to resume with oil and gas continuing to play a key role. Offshore reserves will be vital for future supply, the company added, supporting demand for marine seismic services.
The seismic industry’s future recovery will likely be strengthened by another round of industry capacity reductions and a pent-up exploration and production demand, PGS said.