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Petroleum Geo-Services ASA and Toisa Seismic Limited Jointly Invest in Seafloor Geophysical Solutions


Monday, 23 Sep 2013 02:39am EDT 

Petroleum Geo-Services ASA (PGS) along with Toisa Seismic Limited (Toisa) have entered into an agreement to invest in Seafloor Geophysical Solutions (SGS). Through their investment, PGS and Toisa will control 33.4% and 55.4% SGS respectively and both companies will have board-level representation. 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 seismic node technology. 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. Financial details of the investment were not disclosed. 

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