PGS, Toisa Put Money Into Seafloor Geophysical Solutions

Petroleum Geo-Services (PGS) along with Toisa Seismic Limited (Toisa) have today entered into an agreement to invest in Seafloor Geophysical Solutions (SGS). A strategic cooperation agreement with SGS provides PGS exclusive rights to market and offer SGS node services to clients in the Brazilian market.

SGS is a marine geophysical company focusing on seafloor acquisition, based on ocean bottom seismic technology. The company’s prime business is enhanced oil recovery and addressing challenging deep water exploration targets by the use of proven seismic node technology. Its proprietary automated handling system offers cost efficient, flexible solutions in all water depths.

PGS and Toisa believe that SGS is well positioned to take advantage of the growing ocean bottom seismic market, and that its services, coupled with the marine capabilities of Toisa’s parent Toisa Limited, offer an attractive supplementary solution to the PGS GeoStreamer and OptoSeis technologies. Through their investment, PGS and Toisa will control33.4% and 55.4% SGS respectively and both companies will have board-level representation. The strategic cooperation agreement enables PGS to market and offer SGS node services exclusively as a complementary product to existing seismic solutions offshore Brazil, as well as joint marketing of node services to clients in the rest of the world.

SGS will leverage the support from Toisa and PGS when it comes to skills and available vessels.

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Press Release, September 23, 2013