Norwegian Seismic Specialists TGS and PGS Set to Merge
by regulators, will give TGS ownership of seven modern seismic ships, a significant shift in strategy for the company that has so far relied on chartering vessels from ship owners rather than buying its own.Collecting offshore seismic data and selling it to energy companies keen to discover oil and gas deposits, known as multi-client business, was long plagued by overcapacity, but there are now fewer owners and fewer vessels available, TGS said."The key rationale here is that there are substantial synergies between the two companies, there is going to be really strong multi-client offering and
Norway Eyes Sea Change in Deep Dive for Metals Instead of Oil
it offers.Deep-sea mining could generate up to $20 billion in annual revenue for Norway towards 2050 - compared to around $61 billion from oil and gas in 2019 - and create about 20,000 jobs, Oslo-based consultancy Rystad Energy has estimated.Seabird Exploration, which maps out the seabed for oil and gas deposits, plans to list a deep-sea mining subsidiary on the Euronext Growth Oslo small-cap bourse this quarter.The Cyprus-based firm believes production could start by the late 2020s and could apply technologies used in the oil and gas sector."We will need to design from scratch the production
Poland Employs New Seismic Tech
of hydrocarbon exploration. The method is based on controlled initiation of a seismic wave, which reaches deep into the earth, reflects from subsequent layers of rock and arrives back at the surface, where it is recorded with special sensors called geophones. Collected seismic data helps to locate oil and gas deposits within the surveyed area.A network of geophones spread over an area of up to several hundred square kilometres requires cable connections, transmission equipment and heavy batteries. The equipment needs to be carried by heavy vehicles.In order to minimise environmental impacts and nuisance
TGS Offers Higher-than-expected Dividend
the oil industry, proposed on Thursday a higher-than-expected dividend despite lower-than-expected profits in the fourth quarter and said demand from oil companies would continue picking up this year.Seismic surveyors are a bellwether of oil companies' appetite for conducting exploration for oil and gas deposits.TGS' earnings before interest and taxes (EBIT) rose to $68 million in the last quarter of 2018, from $51.6 million a year ago, but lagging market expectations of $77.8 million in a Reuters poll."While there continues to be some uncertainty related to important factors such as U.S
Nine US States Seek to Stop Atlantic Seismic Testing
Attorneys general from nine U.S. states sued the Trump administration on Thursday to stop future seismic tests for oil and gas deposits off the East Coast, joining a lawsuit from environmentalists concerned the tests harm whales and dolphins.Seismic testing uses air gun blasts to map out what resources lie beneath the ocean. Conservationists say the testing, a precursor to oil drilling, can disorient marine animals that rely on fine-tuned hearing to navigate and find food. The tests lead to beachings of an endangered species, the North Atlantic right whale, they say.New York Attorney General Barbara
US Government Sued Over Atlantic Seismic Testing
Environmental groups opposed to offshore drilling sued the federal government on Tuesday to prevent future seismic tests for oil and gas deposits in Atlantic waters off the U.S. East Coast.Seismic testing, which uses air gun blasts, violates federal laws that protect marine mammals, endangered species, and national environmental policy, according the lawsuit filed in U.S. District Court in Charleston, South Carolina, against U.S. Secretary of Commerce Wilbur Ross and the National Marine Fisheries Service.The U.S. fisheries service in November gave initial permission to five companies to conduct
PGS Below Q2 Expectations but Outlook Improves
Shares of seismic services company PGS, which surveys the seabed for oil and gas deposits, dropped on Thursday on lower-than expected second-quarter results but its CEO said the market outlook was improving.PGS's April-June core operating earnings (EBITDA) rose to $136.0 million, below the $144 million expected by analysts in a Reuters poll, but up from $112.5 million in same quarter last year.Its shares traded three percent down by 0911 GMT, after dropping eight percent in early trade."We see a clear sign of improvement, it's a lot more tender activity, and we have realised higher
TGS Boosted by Seismic Market Recovery
on Tuesday, sending its share price surging. Net revenues for the January-March quarter rose by 56 percent year-on-year to $135 million, beating the average $106 million forecast by analysts, according to Thomson Reuters estimates. TGS, whose vessels scan the seabed for potential oil and gas deposits, said more than 85 percent of first-quarter revenues came from sales of previously collected data held in the company's extensive library. "With all regions performing above our expectations, we see this as another sign of an underlying improvement in the market," Chief
Magseis: Seismic Survey Market to Surpass $1.2 Bln in 2018
Norway's Magseis, which maps out the seabed for oil and gas deposits, expects the global seismic market to grow in 2018, its CEO, Per Christian Grytnes, said on Wednesday. "We are fairly confident that we will see firm growth in 2018," Grytnes said during an oil conference. "We are on tender for an extension contract with Saudi Aramco in the Red Sea. I think we are well-positioned ... We are optimistic," he later told Reuters. "We expect the total market in 2018 to be above $1.2 billion." "With obvious technology driving down the cost... we see an uptake
February 2024
