Two PGS Vessels Kick-Start Surveys Offshore Norway
3D spread, the vessel is mapping an exploration sweet spot for natural gas, across open blocks with pipeline capacity that are available for licensing in Norway’s APA 2024 round.This was a popular area in the 2023 APA and this new acquisition covers new areas for the 2024 blocks.In addition, the Sanco Swift has just completed of its second offshore wind site characterization in the New York Bight and will shortly head back across the Atlantic to commence a third such project in the Southern North Sea.The vessel will deploy an ultra-high-resolution 3D spread. PGS said its geophysicists and engineers
PGS Revenue Slumps
Gross cash cost further reduced, ending at $158.4 million, compared to $207.6 million in Q2 2015 * Cash flow from operations of $42.4 million, compared to $83.1 million in Q2 2015 * Liquidity reserve of $429.7 million, compared to $545.7 million in Q2 2015 * Ramform Tethys and Sanco Swift commenced operations in the North Sea * Settled EM patent dispute between PGS and EMGS * Leverage ratio maintenance covenant of the Revolving Credit Facility amended to increase headroom "With the gradual recovery of the oil price from its lows in early Q1, we are
OSVs: Fishing for Value
refuel OSVs and carry their equipment and parts. Today, like the original Sanko Chaser, the ice-class tanker Sanko Sky chases vessels that pull long nine-kilometer, 15-cable streamers. All seven Sanco vessels are built here in Sunnmore, including the 4D-capable Sanco Star (now with OceanGeo) and the Sanco Swift and Sanco Sword with Dolphin Geophysical offshore Australia. Sanco is fresh from the record-setting 125--sq.-km. shoot offshore Myanmar for Shell Myanmar, where the Sanco Sword spread its 12 streamers to a “record” (per-kilometer) day rate and spread of 12 sq. km. Now, with
Dolphin 3D Multi-Client Campaign Continues
the long lasting seismic operations in Australia on the North West shelf by initiating a large 3D SHarp Broadband Multi-Client survey covering approximately 15,000 sq.km. In cooperation with TGS and supported by major oil companies, Dolphin has mobilized its high capacity 3D vessel the Sanco Swift to acquire the North Carnarvon Basin survey covering both newly awarded licensed and open acreage. Dolphin will perform full broadband seismic processing of the survey data to produce a high quality onboard Post Stack Time Migrated Fast-Track volume followed by the Pre-Stack Time Migrated dataset
Dolphin Reports Improved Operating Margins
to $16.4 million in Q3 2012 EPS of $0.04, compared with $0.05 in Q3 2012 Strong contract seismic margins, but low prefunding on strategic important 3D Multi-Client surveys Successfully completed 2013 season of 4D production seismic contracts The new high-capacity 3D vessel, Sanco Swift, came swiftly into production Q3 2013 subsequent events Order backlog at historical high level of $140 million Secured additional bank financing for planned seismic equipment purchase in 2014 Atle Jacobsen, Dolphin Group CEO commented, "Dolphin delivered solid operating
Offshore Brazil 3D Seismic Contract a First for TGS
review and reprocessing of existing 2D data to ensure strategic placement of the survey in a highly prospective area in the Campos Basin. We expect this 3D survey will be of high interest to the industry for future lease round activities." The seismic data will be acquired by the M/V Sanco Swift. Data processing will be performed by TGS using its proven proprietary broadband processing technology, Clari-FiTM. Data will be available to clients in Q4 2014.
Unconventional Wisdom
but, in a constantly fluctuating market, Jacobsen disagrees. “I don’t see the disadvantage,” he said. “We have been careful to forge very strong relationships with our charterers – for example with Sanco and GC Rieber (Dolphin is anticipating the delivery of the newbuilds Sanco Swift in Q2 2013 and Sanco Sword in 2014, while it ordered the refurbished “Geo Atlantic” and newbuild “Super Duke” from GC Rieber earlier this year) – where we understand and respect each others needs. “We’re reliable partners for one another and this gives
Seismic Vessel Order for Kleven Maritime
to build second seismic survey vessel for Sanco Shipping Sanco Shipping AS has declared an option for a second seismic vessel to be built at Kleven Maritime’s yard Myklebust Verft in Norway. The vessel, to be named Sanco Sword, is to be delivered in Q1 2014. Its sister vessel Sanco Swift will be delivered from Myklebust Verft in July 2013. Kleven Maritime has nine vessels in its order book, with a total value of more than four billion NOK (€132 million). “We are impressed by Sanco and their investments in the very advanced seismic market. For us it is of great value
August 2025
