Ocean Floor Geophysics

Ocean Floor Geophysics takes over 3D seismic P-Cable operator

Ocean Floor Geophysics (OFG), assisted by PGS, has completed the acquisition of NCS SubSea, a marine seismic firm that provides ultra-high-resolution 3D seismic data to the oil and gas and new energy markets via P-Cable system.

Illustration. Source: Ocean Floor Geophysics

In addition to the P-Cable technology, OFG’s portfolio of marine geophysical data technology and services for the offshore market includes sensor solutions from surface, autonomous underwater vehicle (AUV) and remotely operated vehicle (ROV) platforms, combined with multiphysics processing, integration and interpretation capabilities.

The transaction was completed with assistance from PGS, OFG’s largest shareholder, and is said to strengthen the strategic alignment collaboration between OFG and PGS.

To remind, the acquisition was announced on 9 March 2022.

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“OFG is delighted to complete the acquisition of NCS and its P-Cable ultra-high-resolution 3D seismic technology. We have seen a significant market interest in P-Cable over the past few months in both traditional oil and gas markets for shallow imaging of reservoirs and geohazards, as well as in new energy markets, particularly for offshore wind surveys. We look forward to offering P-Cable products and services to existing and new customers”, said Matthew Kowalczyk, CEO of OFG.

Artem Lytkin, vice president at PGS New Energy and an executive chairman of OFG, added: “This transaction further strengthens the PGS-OFG partnership and expands our combined offering within conventional and New Energy markets. We are building OFG to be a preferred provider of marine site characterisation and asset integrity services.”

As part of its New Energy portfolio, PGS works closely with OFG as a preferred supplier of ultra-high-resolution seismic, controlled-source electromagnetic (CSEM), magnetic and acoustic surveying products and services in energy transition activities like carbon storage, site investigations for offshore windfarms and mapping of seabed minerals for use in electrification.

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