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PGS secures two new contracts

Norwegian seismic player PGS has been awarded two new contracts offshore Indonesia and Australia.

The contract in Indonesia is for a 3D exploration acquisition for an undisclosed energy major, while in Australia, PGS bagged a contract from an international energy firm for a 4D acquisition campaign. The value of the contracts has not been disclosed.

The 2008-built seismic vessel Ramform Sovereign will mobilise to Indonesia in mid-October and is expected to complete the survey by mid-December. The same vessel will execute the contract in Australia and complete the 4D acquisition towards the end of February 2023.

“The seismic acquisition market in Asia-Pacific has been slower than in the Atlantic basins, so it is encouraging to experience increasing demand in the region, and we have good leads for additional work beyond the campaign we have already secured,” said Rune Olav Pedersen, president and CEO of PGS.

The Oslo-based PGS returned to profit in the second quarter of 2022, booking $18.7m on revenues of $273.6m – the second highest quarterly revenues since Q4 2014.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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