Norwegian ocean bottom node seismic company Axxis Geo Solutions (AGS) has secured a contract with Equinor for OBN survey in the North Sea. The deal follows a letter of intent signed with an undisclosed client in February this year. According to the Oslo-listed firm, the survey should commence later
Marine seismic player Polarcus has cut its deficit in Q1 2020 despite slightly lower revenues on improved pricing compared to prior year. The Oslo-listed company reported loss for the Q1 2020 of $4.2 million, on revenues of $66.3 million, versus loss of $5.3 million and revenues of $67.1 million in
Electromagnetic Geoservices (EMGS) has entered into a late-sales multi-client licensing agreement for its multi-client library in Norway. The net revenue to EMGS under the agreement is approximately $1.7 million. The majority of the revenue will be recognised in the second quarter of 2020, EMGS said
Eidesvik Offshore and Seabed Geosolutions have agreed to amend the contract for the node-handling vessel Subsea Viking, putting it on standby.
PGS has seen its Q1 2020 loss widened, mostly on impairments related to library and sale of non-current assets. The Oslo-listed seismic player reported quarterly loss of $117.5 million, or 32 cents per share on revenues of close to $129 million, against loss of $65 million, or 19 cents per share on
Seismic industry will suffer the most as a result of the Covid-19 pandemic and the low oil price. According to Rystad Energy, 2020 revenues could fall between 51 per cent and 77 per cent. Exploration spending could drop by more than 20 per cent from its 2019 levels. The hardest-hit area will be the
TGS has completed the reprocessing of a 21,631 square kilometres 2D seismic survey offshore Sakhalin Island, in the Russian Sea of Okhotsk. The reprocessing has been undertaken with the support of TGS’ Russian partner, DMNG. Following completion of the project, first data has been sent out to pre-fu
PGS seismic vessel Ramform Tethys is about to start a 3D multi-client survey offshore East Shetland, in UKCS waters. Production will start this week and the first data should be available in Q3 2020. The seismic will cover both frontier and mature areas to enable the interpretation of the internal r
Oslo-listed seismic player SeaBird has decided to reduce costs further and postpone capex until the market situation normalizes. The company said that immediate effects of the COVID-19 situation are operational. In particular, SeaBird said it is experiencing difficulties with crew changes for existi
Norwegian seismic services company EMGS has noted an extremely low vessel utilization for the first quarter of 2020 due to project cancelations, which ensued following the recent oil price drop and the coronavirus pandemic. As a result, one of EMGS’ vessels is up for a cold-stack.
Marine geophysical firm PGS said it expects the low oil price to have a material negative impact on demand for seismic services and activity. The company is implementing cost and capital expenditure measures to meet an expected significant revenue reduction, with details to be provided in Q1 2020 ea
Norwegian seismic player TGS has decided to start work on the industry-funded Atlantic Margin 20 (AM20) 3D multi-client project as soon as the marine seismic acquisition season gets underway in northwest Europe this summer.
Polarcus has come up with a $15 million cost reduction plan to navigate the current uncertainty facing the marine seismic acquisition market due to the combined impacts of the COVID-19 pandemic and oil price volatility.
Norwegian ocean bottom node seismic player Axxis Geo Solutions (AGS) has appointed Nils Haugestad as the company’s chief financial officer (CFO). Haugestad comes from Seabird Exploration where he held the position as CFO over the last six years and was instrumental in the refinancing of the company
