PGS and deepC Store ink subscription agreement

Norwegian seismic company PGS and Australia’s deepC Store Limited (DCS) have entered into a subscription agreement under which dCS will issue shares to PGS in exchange for geological and geophysical advisory services.

Barrett Cameron, senior vice president of PGS and Jack Sato, chairman of dCS.

As a result of the agreement, PGS will become a major shareholder in dCS.

The two companies have also agreed to explore broader collaboration opportunities in the Asia Pacific region for co-developing commercial-scale carbon capture and storage (CCS) projects.

“Together with our partners PGS is forging a new industry to enable safe and efficient carbon storage offshore. Asia Pacific region is one of the key markets where carbon capture and storage enables a path to net-zero,” said Berit Osnes, EVP New Energy of PGS.

“We are delighted to conclude this agreement with dCS and look forward to supporting dCS in unlocking the potential of CCS value chain in the region.” 

dCS is pursuing greenhouse gas storage acreage and this agreement is said to complement a recently awarded A$5 million Australian Government grant that enables scaling of the company’s efforts to commence pre-FEED on the CStore1 floating CCS project.

To remind, earlier this year, PGS and dCS signed a Letter of Intent (LoI) to co-develop a commercial-scale carbon storage project offshore Australia.

“We are pleased to welcome PGS as our new shareholder. Participation of the leading company in marine geophysics industry further endorses dCS’s business model and development of CStore1. Further, this valued partnership demonstrates our commitment to develop a leading CCS business in the Asia Pacific region,” said Jack Sato, dCS chairman.

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