Equinor to keep PGS busy this summer

Norway’s PGS has leveraged its multi-year frame agreement with compatriot oil and gas giant Equinor to secure contracts for the 2022 summer season.

Ramform Titan (Courtesy of PGS)

PGS will be carrying out 4D GeoStreamer monitoring surveys over the Visund field in the North Sea and the Snøhvit field in the Barents Sea.

The company was also recently awarded a 3D exploration survey over the Prinsen and Hassel Ferdinand prospects in the Barents Sea.

The Equinor 2022 acquisition campaign is scheduled to start in the second quarter of the year with an estimated duration of close to 5.5 vessel months.

“We are very pleased with the Equinor contract awards for the 2022 season, building on the frame agreement we entered into last year. We operate in a cyclical industry with low visibility, and longer-term agreements improve our order book in a recovering seismic market,” said PGS president and CEO, Rune Olav Pedersen.

“An important part of our strategy is to maintain leadership in the production 4D segment. Equinor’s continued confidence in our reliable Ramform vessels and the superior GeoStreamer data quality supports our strategic ambition.”

Equinor entered into multi-year framework agreements with PGS and Shearwater GeoServices in March last year for 4D towed streamer seismic acquisition on the Norwegian continental shelf.

The two-year firm deal started in 2021 and includes two additional two-year options and can also be applied to the UK continental shelf.

PGS’ most recent contract award with Equinor is for the Northern Lights carbon capture and storage project, under which the company will carry out seismic acquisition in support of the project.

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