Petroleum Africa
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Thursday, March 10, 2022
Ocean Floor Geophysics Inc. (OFG), a company in which PGS owns approximately 43%, has acquired the entire share capital in NCS SubSea. NCS SubSea owns and operates the market-leading P-Cable system. The P-Cable technology provides ultra-high-resolution 3D seismic data to the new energy and oil & gas markets.
With the addition of the P-Cable technology, OFG now provides the broadest range of marine geophysical data technology and services in the offshore market. The multiphysics offering includes the widest range of sensor solutions deployed from surface, AUV, and ROV platforms, and is combined with unique multiphysics processing, integration, and interpretation know-how.
This transaction enables a further extension of the strategic collaboration between PGS and OFG and a potential consolidation of PGS’ shareholding in OFG up to approximately 55% on a fully diluted basis. PGS will continue to work 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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