PXGEO increasing seismic vessel fleet

April 16, 2021
PXGEO has taken delivery of the PXGEO 2 and agreed to acquire the Vyacheslav Tikhonov.

Offshore staff

HOUSTON PXGEO has entered a binding agreement to acquire the seismic vessel Vyacheslav Tikhonov from Polarcus, subject to the sanction of the Grand Court of the Cayman Islands.

The transaction is expected to be completed in 2Q 2021.

The eight-streamer vessel is currently on a long-term bareboat charter to the seismic division of PAO Sovcomflot with a firm period to Nov. 15, 2022. It includes options to extend the charter for up to three more years. The firm charter period provides PXGEO with more than $11 million in backlog.

According to the company, the purchase of the Vyacheslav Tikhonov will be funded entirely through the issue of new shares in PXGEO Ltd.

In addition, the company has taken delivery of the Rolls-Royce-designed, 14-streamer seismic vessel PXGEO 2.

The vessel is mobilizing for a 4D marine seismic project for an international oil and gas company. The project is expected to start in 2Q 2021. The estimated duration is 10 weeks.

Built in 2013, the vessel is equipped with Sercel Sentinel solid streamers and Sercel G-Source II energy arrays.