PGS acquires Roxicon

Petroleum Geo-Services ASA has acquired Roxicon Geogrids AS for $12 million.

Offshore staff

OSLO, Norway – Petroleum Geo-Services ASA has acquired Roxicon Geogrids AS for $12 million. PGS says Roxicon will be the basis for a PGS MegaSurvey Center of Excellence in Stavanger.

Roxicon specializes in multi-client seismic data merging for the North Sea based on released data about the Norwegian continental shelf.

"Roxicon fits perfectly with our strategy of further develop and grow our successful MegaSurvey concept, which already has given us very good return on investments in the North Sea," says Rune Eng, PGS Group president of Marine. "The combination of Roxicon's regional products with PGS MegaSurveys will provide exciting new opportunities for both existing and new clients, e.g. combining velocity cubes with seismic and interpretations. In addition Roxicon provides the extra needed resources and skills to successfully accelerate the development of MegaSurveys in other areas worldwide."

08/16/2007

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