As the world continues its race to a net zero future, identifying potential carbon and hydrogen storage sites as well as deep-sea mineral deposits will be vital to meet emissions abatement targets for 2050 and beyond. Existing and future marine seismic data can massively improve assessments of the s
Seabed seismic player Magseis Fairfield has narrowed it quarterly loss despite significantly lower year-on-year revenue. The Oslo-listed company generated Q3 2020 revenue of $48.4 million, down from $74.4 million same time last year. The year-on-year decline mainly reflects the significantly lower a
Financially troubled ocean bottom node seismic player Axxis Geo Solutions has decided to apply for bankruptcy protection. Axxis said on Tuesday it failed to reach agreement with all creditors in order to implement a voluntary solution to refinance the company. Earlier this year, the Oslo-listed comp
Norwegian shipowner GC Rieber Shipping has slipped into the red in the fourth quarter of 2020 on impairment of Subsea & Renewables vessels. GC Rieber Shipping had a net loss of NOK 44.9 million in Q4 2020 including impairment of the Subsea & Renewables fleet of NOK 37.1 million, compared with a net
Oslo-listed seismic player TGS is launching a new energy-transition-focused business unit – New Energy Solutions (NES). In a statement on Thursday, TGS said it aims to establish itself as the leading provider of data and insights directed towards industries actively contributing to the reduction of
The Grand Court of the Cayman Islands has appointed FTI Consulting liquidators to financially troubled seismic contractor Polarcus. The company’s assets were taken over by its lenders following a loan default earlier this year. Last week, Polarcus received notification from the lenders that they no
PGS remains carefully positive even with red numbers in the fourth quarter of 2020 as revenues fell some 37 per cent. The Oslo-listed seismic player reported quarterly loss of $60 million, or 16 cents per share on revenues of $208 million. This result compares against profit of $10 million on around
Seismic player Polarcus has received notification from the lenders that they no longer support the continuation of the company’s operations. Following the recent loan default, Polarcus’ lenders took control of its vessels and shipholding unit and also replaced the directors of its subsidiaries contr
Seabed seismic player Magseis Fairfield has won a 4D ocean bottom node monitor survey in the Norwegian North Sea for an undisclosed E&P company. The survey should commence late in the first quarter 2021 and last for approximately 1 month. Magseis Fairfield CEO, Carel Hooijkaas, said: “This project i
Oslo-listed SeaBird has recognised net loss of $3 million for Q4 2020, against net loss of close to $12 million in the same period in 2019. Full-year result was also negative, but improved compared to 2019 ($13 million loss vs. $23.3 million loss). The seismic player, which is targeting seabed minin
Following loan default, Polarcus’ lenders have taken control of its vessels and shipholding unit. On Tuesday this week, Marine seismic player said it had defaulted on debt payments and that it will halt all interest and installment payments to finance providers. That same day, the company’s shares f
Marine seismic player Polarcus said on Tuesday it has defaulted on debt payments and that it will halt all interest and installment payments to finance providers. As a result, the company’s shares fell over 30 percent before the Oslo Stock Exchange stopped trading on Tuesday morning. During these di
Ocean bottom node seismic player Axxis Geo Solutions (AGS) is looking to address its debt situation and improve its balance sheet through a capital restructuring. The Oslo-listed company said it has over some time been in active dialogue with its current stakeholders and other strategic and financia
A 3D seismic survey over the Resolution gas discovery in offshore licences P1929 and P2304 off the UK will most likely take place in 2022, Egdon Resources said on Wednesday. Namely, Shell, the operator of the above mentioned licences, has advised Egdon that the marine 3D seismic survey, planned over
