Multi-client seismic needs boost PGS orders

PGS says that its forward order book has increased by almost 60% to the highest level in two years, totalling $340 million at the end of March.

Offshore staff

LYSAKER, NorwayPGS says that its forward order book has increased by almost 60% to the highest level in two years, totalling $340 million at the end of March.

This is due mainly to securing greater pre-funding formulti-client seismic acquisition and processing jobs, and a higher volume of contract jobs with higher prices.

The latter is mainly the result of PGS’ strong position in the 4D production seismic market and current industry capacity constraints.

Going forward the company expects improved cash flow among clients, combined with growing limitations on streamer availability, to benefit marine 3D seismic market fundamentals.

This year the volume of marine 3D seismic acquired by the industry will be higher, driven in part by an increase in 4D streamer monitoring surveys and more multi-client 3D projects.

05/11/2017

More in Geosciences