PGS more upbeat on offshore seismic service prospects

PGS expects an upturn in the offshore seismic acquisition/processing sector this year.

Apr 26th, 2019

Offshore staff

LYSAKER, NorwayPGS expects an upturn in the offshore seismic acquisition/processing sector this year.

In its latest results statement, the company reports substantial cashflow generation among clients and increased spending on exploration and production.

Contract seismic will likely be the main beneficiary, driven by growing 4D acquisition and rising demand for new proprietary seismic data.

Rune Olav Pedersen, president and CEO of the company, said pricing for contract work booked to date is now more than 35% higher than the average rate in 2018.

PGS anticipates that more than 50% of its 2019 active 3D vessel time will be allocated to multi-client acquisition.

The company is budgeting for capex of around $85 million, some of which will be used for the reactivation of theRamform Vanguard.

04/26/2019

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