Sourcing Seismic with Subsea Swarms
data acquisition isn’t perhaps at the top of many lists when it comes to discussing innovation in the marine sector. Yet it’s been an area that’s seen leaps and bounds in innovation, from how the data is gathered to how it’s processed, helping to reduce uncertainty for oil and gas explorers and increase understanding of how reservoirs are performing through field life.Today, seismic streamer spreads cover thousands of square miles, there’s automated cable-based seabed seismic-node deployment and the world’s biggest super computers churn the data.But now one of the
A Seismic Shift
Despite oil prices recently edging past $80 a barrel, scars from two recent oil industry downturns in five years have forced offshore seismic surveyors to look at ways to diversify.Marine seismic survey companies provide essential data to offshore oil and gas explorers to make better-informed drilling decisions. However, with every oil industry downturn, seismic players are among the first to feel the pang, as exploration budgets usually get cut significantly and revenue streams for seismic data firms dry up.This was particularly the case last year when the industry was hit with a double whammy:
PGS Calls off Debt Refinancing, Shares Fall
refinancing on Wednesday, citing worsening investor sentiment towards the oilfield services sector over the past weeks, sending the Norwegian company's shares down 24%.Oslo-listed PGS, which owns a fleet of seismic vessels that scan the seabed for buried hydrocarbons and sells the data to oil and gas explorers, had announced plans on May 27 to raise debt of $675 million as part of a refinancing.Brent crude oil prices have fallen by more than 10% since the company announced its refinancing plans."We see that the investor sentiment regarding oil services has been considerably weaker since we
MTR100: Klein Marine Systems, Inc.
.H., Klein Associates became the world’s first commercial manufacturer of side scan sonar, and since then has gone on to become a leading supplier of side scan sonar equipment, as well as waterside security and surveillance systems to navies, shipbuilders, secure installations, researchers, oil and gas explorers and hydrographers. Klein designs and manufactures high-resolution side scan and multi-beam sonar equipment, and radar-based security and surveillance systems at its 56,000 sq. ft. facility 30 miles from Boston. The System 5900 Multi-Beam Side Scan Sonar represents Klein’s advanced multifunct
SE Asia Oilfield Service Minnows Must Acquire or Expire
tasks to support offshore oil and gas exploration and production, from hauling rigs across oceans and laying pipelines on the seabed to transporting provisions to rig workers. PLIGHT OF THE SMALL The relatively low bar of entry and requirement or preference to use local service providers by oil and gas explorers have turned the region into one of the world's most fragmented OSV markets. In Southeast Asia, the top five OSV operators account for 23 percent of the market, data from the U.S. research firm IHS shows. The rest of it is served by many much smaller players. Their size pales in comparison
February 2024
